Bitcoin is off to a strong start this week, and perhaps for some more gains. The price has already jumped by a few percentage points, and there are signs that this upward movement may not be over yet. On Monday afternoon, Bitcoin broke through the $66,000 level and was able to hit a $66,434 price. At the time of writing, Bitcoin has lost a little bit of those gains and is trading at $66,500 according to CoinMarketCap data.
Why Is Bitcoin Climbing?
Bitcoin has broken out of a pattern where it was stuck, with prices trending lower for some time. Now that it’s moving up, it seems we could be at the start of a fresh upward trend. It’s like shaking off the downward pressure and building up some steam. Right now, there’s no sign that Bitcoin will take a sharp turn downward, which is encouraging for those watching the market closely.
Analyst Michaël van de Poppe has weighed in that the bull market is officially back on. On Saturday, he suggested that the $64,000 level was a crucial test for Bitcoin. According to him, passing that test could trigger the kind of breakout many of us have been waiting for. Well, it looks like that’s exactly what’s happening right now.
Congratulations, the bull market for #Bitcoin has started.
It's back to $66K and we're on the big verge of breaking the trend. pic.twitter.com/WpfmsQ8mxC
— Michaël van de Poppe (@CryptoMichNL) October 14, 2024
Next Up Is $70,000
The next big target on the horizon is $70,000. With Bitcoin having already crossed $65,000, there doesn’t seem to be much standing in its way. If this momentum keeps up, we could soon be eyeing the previous all-time high of $73,750.
Even though there’s been some recent volatility, the overall mood around Bitcoin seems to be improving. The Bitcoin Fear and Greed Index, which gives us a sense of market sentiment, has quickly shifted to 65 right now, expressing a phase of ‘greed.
Bitcoin Fear and Greed Index is 65 ~ Greed
Current price: $66,050 pic.twitter.com/h2eG1mLvDo— Bitcoin Fear and Greed Index (@BitcoinFear) October 15, 2024