The post Amid Bitcoin Dip, Analyst Insists on $78K as Next Target: Can BTC Reach This Level? appeared on BitcoinEthereumNews.com.

As the pullback within the rising channel intensifies, will Bitcoin drop below $68,000 or rally toward $78,000? The crypto market has declined by 5.68% today, crashing back to $2.28 trillion from the $2.418 trillion peak on Tuesday. Amid the crashing market, Bitcoin has revisited the $69,300 level.  Crashing from the 7-day high of $73,600, the BTC price has dropped by 5.84%. With a correction rally at play, will the biggest crypto crash under the $68k mark? Find out now! Bitcoin Tests Crucial 4-hour Support  On the 4-hour chart, the recent pullback in Bitcoin is testing a crucial support trendline, which forms a rising channel pattern. The bearish correction began with a double-top pattern near $72,700. After facing rejection above the $73,000 mark, the neckline of the bearish pattern was established at $71,600. Following this double-top breakout, the BTC price has returned to the support trendline near the 38.20% trend-based Fibonacci retracement level within the rising channel. Currently, it is finding support, as indicated by a lower price rejection, hinting at a potential bullish comeback. However, Bitcoin must surpass the 50% Fibonacci level at $70,310 for a sustained recovery. A successful bullish recovery could see Bitcoin challenge the peak of the double top at $72,700. Conversely, a drop below the support trendline could trigger a significant sell-off in Bitcoin. The next crucial support levels to watch in case of a decline are $67,500 and the $65,000 mark. Analyst Ali Martinez Targets $78k Despite the sudden crash, widely followed crypto analyst Ali Martinez retweeted his recent analysis, which predicted a minor pullback to $69,000. Highlighting the number 69 in his recent tweet, Martinez reiterated an analysis that revealed if Bitcoin stood above $65,000, a price jump to $72,000 was possible.  However, he also highlighted that a pullback to $69,000 is possible before starting…

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Filed under: News - @ November 1, 2024 2:27 pm