- Bitcoin price gets close to reclaiming its previous ATH target.
- This bullish momentum unlocks a new key target level for BTC.
- Bitcoin (BTC) can now set sights on a new ATH target of $127,000.
The crypto market is buzzing as Bitcoin (BTC) nearly reached its previous all-time high (ATH) of $73,700 earlier today, peaking at $73,400 before pulling back to the $72,300 range. BTC now appears poised for another attempt at a breakout, raising hopes that it could enter a price discovery phase before October ends.
Bullish Sentiment Grows as BTC Nears Previous ATH
A bullish October close at a new ATH would set a promising tone for an already anticipated bullish Q4. Should BTC hit new highs this month, it could signal a robust upward trend for the remainder of Q4. Even if a new ATH materializes in November instead, the outlook for a bullish Q4 remains strong.
Analysts’ top price forecasts for Q4 suggest BTC could reach anywhere from $100,000 to $150,000, with the overall cycle top projected between $220,000 and $550,000. The current trending price target is between $116,000 and $126,000, though many hope BTC will surpass its previous ATH to reach somewhere between $88,000 and $90,000 soon.
This recent pump towards Bitcoin’s previous ATH has pushed bullish sentiment into the ‘Extreme Greed’ zone. Today, the crypto market has grown extremely greedy according to the Crypto Fear & Greed Index further fueling the expectation for an incredible pump ahead in terms of the price of Bitcoin (BTC).
Bullish Momentum Ulocks New Key Levels for BTC Price
As we can see from the post above, Bitcoin’s bullish momentum has been confirmed and BTC has surged back to a key level. WIth this breakout confirmed, the analyst says a new target zone has been unlocked where BTC price can hit $127,000 as a trend top. Additionally, another analyst draws light to a completed cup and handle bull flag for the reason behind the ongoing breakout.
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