‘All Eyes on BTC’ – Trader Sees Bitcoin Mirroring October 2023 Run-Up After 200 Days of Accumulation

A closely followed crypto strategist believes Bitcoin will generate more bullish momentum if BTC manages to convincingly reclaim a key price area.

Pseudonymous analyst Inmortal tells his 216,500 followers on the social media platform X that all eyes are on Bitcoin after BTC surged past $63,000 yesterday.

According to the trader, BTC will witness more rallies if it holds the price level, noting that Bitcoin opened the month of October at around $63,000.

“Uptober resumes above $63,000

BTC.”

Source: Inmortal/X

Yesterday, Bitcoin rallied to a 24-hour high of $64,458. The top crypto by market cap has corrected since and is trading at $62,485 at time of writing.

Zooming out, Inmortal sees the possibility that Bitcoin may be following in the footsteps of its October 2023 price action. The trader shares a chart suggesting that Bitcoin is on the verge of a big breakout after over six months of sideways movement.

“October 2023 vs 2024.

Both preceded by 200 days of accumulation.

BTC.” 

Source: Inmortal/X

Looking at the trader’s chart, he seems to suggest that Bitcoin is currently in the final stages of its consolidation before sparking a breakout, similar to what happened last year when BTC was trading close to $20,000.

According to Inmortal, Bitcoin will confirm the pattern if it successfully moves above a resistance zone.

“Breakout above $64,000 = new all-time high. 

BTC.”

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