Bitcoin is poised to venture into new territory if it manages to close within the $118,000 to $120,000 range.
The month of October has kicked off with promising signs for Bitcoin. Known for its typically positive price movements, Bitcoin has surged by 2.86%, reclaiming the $117,000 mark and sparking optimism among investors.
Are higher peaks on the horizon? Analyst Egrag Crypto seems confident in this possibility. In his recent analysis of Bitcoin’s price trajectory, he highlighted key factors that could sustain this upward momentum.
Positive Outlook for Bitcoin
Egrag emphasized that should Bitcoin secure three consecutive daily closes around the $118,000 and $120,000 levels, it could signal a strong bullish trend for the digital currency. Interestingly enough, these figures correspond with a descending channel where previously Bitcoin struggled to maintain its position during its August rally towards an all-time high of $124,457.
Egrag further proposed that surpassing the supply zone between $118,000 and $120,000 might propel Bitcoin toward a fresh record high of approximately $128,336—an increase aligned with the 1.414 Fibonacci extension level—which would mean a 10% rise from its current standing at around $117K.
Cautious Outlook for Bitcoin
If however BTC does not manage to break through these levels successfully; according to market analysts’ predictions—it may continue consolidating within a symmetrical triangle pattern—leading potentially sideways movement until fully filling up said triangle formation instead!
The chart presented by Egrag indicates crucial support positioned near abouts at roughly around$109449—a potential retracement equating roughly6point4percent—but despite this possibility looming overhead right now chances seem slim given how strongly trending upwards currently appears!