Chart of the day

Where do we stand fundamentally?

Bitcoin is currently trading around $67,000 in October 2024, benefiting from a historical trend known as "Uptober," where Bitcoin tends to perform strongly in October. This surge comes after the halving event in early 2024, which has reduced the rate at which new Bitcoin is created, making the asset scarcer. Some analysts are predicting Bitcoin could climb to $88,000 by the end of the year.

Several factors contribute to this bullish outlook:

• Supply reduction due to halving: This has decreased the reward for mining Bitcoin, tightening supply.

• Increased network activity: A rise in the number of active Bitcoin addresses shows a renewed interest in the cryptocurrency.

Bitcoin is testing the strong upside 69000 resistance. We need a breakout here for an extension higher in the fifth uptrend Elliott Wave to 95000. Invalidation of this immediate upside extension could come upon a break below 63400.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is much lower at 40000 meaning we are in the strong bull uptrend. As said the bounce could lead to a 95000 target in the medium-term to long-term if the Bitcoin breaks and sustains a break above 69000.

_{Try a long trade entry with a stop loss below 65000 upon a break above 69000 if you are not already long (if you are long cut the half of the position here) to target 85000 and higher.}