Bitcoin has been the best-performing asset of 2024, recording an increase of nearly 50% since the start of the year. As the price rises above $63,500, the possibility of achieving $70,000 has yet again emerged. The charts are looking pretty good and hence the bullish plan continues to remain in play. Historically, Bitcoin bull markets peak 518 to 546 days after a halving event and the current cycle shows signs of accelerating by approximately 100 days. As per the historical patterns, BTC’s potential peak could occur somewhere around mid-May to mid-June 2025.
Is the Bitcoin bull market still in play?
The latest rise has bought back the token in green for October, which suggests, ‘Uptober’ could be warming up. The token is about to follow the bullish momentum, which may send the prices higher in the coming days. Besides, the amount of long-term Bitcoin holding is growing again as the supply has been held for over 155 days, indicating the growing interest of whales in the token.
Regardless of the bullish action in place, the token appears to be poised to retest a lower support before triggering a strong rebound.
A popular analyst, Michael van de Poppe, sees bullish potential within the BTC price rally but also believes a bearish possibility. The token has crucial support at around $60,000, and hence even if the bears intensify their activity, they may be restricted to around $62,000. Therefore, a test to these levels may eventually trigger a fine reversal to the higher ranges above $65,000.
“Bitcoin has held the crucial support area around $60K and bounced upwards.
I’m expecting some lower timframe retests at $62K, through which we will test $65-$66K later this week.
Breakout above there = new all-time high test,”
The analyst speculates a bullish week ahead, which also sheds light on the probable bull run as a clearance beyond these levels may attract massive liquidity. Therefore, the bulls are required to hold the rally above the support at $62,500, as a bullish rebound could eventually trigger a massive upswing thereafter.