Can Bitcoin Break To All Time Highs? Technical Outlook & Potential Targets

Hello Traders,

As we have entered into Q4 2024, heading to the end of this year we can see that Bitcoin is attempting to break to all time highs. In this article we will look into the technical structure of Bitcoin and the potential targets to the upside if the breakout proves to be successful.

Bitcoin has spent about 5 months within a sideways 7 swings corrective structure into the lows from August the 5th 2024. Since then it is attempting to breakout higher with the RSI peaking up momentum thus far to the upside, and heading into the last 2 weeks of this month, it might get interesting for BTC.

BTC Daily Time Frame – RSI Channel To Watch For Potential Breakout – $79563 – $88763 (1.236 – 1.618) Inverse Fibonacci Levels As Potential Targets Higher

Bitcoin 16.10.24

 

If it manages to perform a successful breakout, buyers should be looking for the inverse Fibonacci retracement from the decline of 14.03.2024 into 05.08.2024 whereby we have the 1.236 – 1.618 levels at the $79563 – $88763 area.

The swings structure within the corrective decline is a 7 swing zig zag into August lows and the recent upside appears to be a leading diagonal.

Below the price action analysis explained:

7 swings Zig Zag Correction

7 swings zig zag corrective structure

 

Bullish Leading Diagonal

btc leading diagonal

 

For the buyers to peak up momentum and increase the chances of a successful impulsive breakout move, they will need to clear the $70000 area so that they can expose the potential targets of $79563 – $88763. A few important aspects should be the upcoming US elections, especially in terms of Donald Trump’s pre election campaigns we have seen how pro crypto he is and that he is looking to amend Bitcoin as a legal tender for daily transactions.

Q4 and the next 2 months should be an interesting time for Bitcoin as investors and traders should be looking for any technical as well as fundamental news as to where we might see the value of Bitcoin reaching towards the end of the quarter and year of 2024.

You can trade Cfd’s on Bitcoin: https://www.oneroyal.com/en/markets/instrument/BTCUSD.

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