Bitcoin Price Analysts are Eyeing $65k Breakout This Week: 3 Indicators to Watch

Bitcoin Price Analysis

Bitcoin price breached the $64,000 mark on Monday Oct 14, nearing a 10% surge since the U.S. Consumer Price Index (CPI) report on October 10, which boosted market demand.

Three prominent Bitcoin analysts are predicting that Bitcoin could be on the verge of breaking through the $65,000 resistance level in the week ahead. Each of them provides insights based on different technical indicators, all pointing towards a continuation of bullish momentum from last week.

RSI Scores Above 50 Indicate Strong Spot Demand – Skew, Trading Analyst

Bitcoin’s recent price action suggests that bulls are eyeing a breakout above the $65,000 level, despite a modest 2% pullback from the $64,400 high recorded in the early hours of October 14. Indicators across multiple timeframes are still flashing green, signaling that the current bullish trend may not be over yet.

Trading analyst Skew is among the voices forecasting further upside. Skew has consistently highlighted Bitcoin’s momentum following last week’s CPI report and sees the $65,000 level as a critical hurdle for Bitcoin’s bulls.

On October 11, Skew shared an updated analysis with his 110,000 followers on X (formerly Twitter), focusing on the Bitcoin/USDT 4-hour chart.

As seen in the chart above Skew points to a crucial indicator — the Relative Strength Index (RSI) — staying above 50, which suggests strong spot demand. In this context, spot demand refers to the buying pressure in the immediate market, which can push the price higher.

 “RSI above 50 means that price needs to trend with the 4-hour EMAs (Exponential Moving Averages), which is bullish momentum driven by spot demand.”

– Skew, Trading Analyst, Oct 11 2024.

In particular, the analyst notes that holding the weekly and monthly opens is key for bulls looking to reclaim territory around $65,000. Failure to break down after sweeping the lows further strengthens the argument for a potential move upwards.

The combination of rising RSI and sustained demand suggests that Bitcoin could gather enough momentum to test and potentially break through the $65,000 level soon.

“Material Indicators” Hint at $65k Peak Before Rejection

Material Indicators, a popular tool for analyzing cryptocurrency market data, provides further support for the bullish outlook.

According to the BTC/USDT order book liquidity chart for Binance, there are key price targets just below the $65,000 mark, specifically around $64,900. This aligns with Bitcoin’s historical mid-cycle top in 2021.

As seen in the chart from Material Indicators, strong liquidity zones exist just below $65,000, and breaking through the 200-day moving average (DMA) would increase the likelihood of Bitcoin testing these levels. The 200-DMA has historically acted as a crucial level in determining longer-term trends, and a clean break above it could serve as a signal for further gains.

However, Material Indicators caution that the area around $64,900 could present a point of resistance, where some traders may start taking profits. The significant buy and sell walls in this range could see Bitcoin temporarily rejected, consolidating before making another attempt to break through.

Analyst Michaël van de Poppe Expects Initial Consolidation Before $65k Breakout

Renowned crypto analyst Michaël van de Poppe offers a slightly more cautious, yet still bullish, outlook. Van de Poppe’s analysis (source: Michaël van de Poppe/X, October 2024) focuses on the possibility of some consolidation in the $61,500 to $62,000 range before Bitcoin makes a definitive move towards $65,000.

Van de Poppe highlights that while Bitcoin has already tested the $62,000 level, there may be a short period of consolidation lasting 1-2 days. This is a natural part of the price action, as bulls gather strength for the next leg up.

 “Bitcoin consolidating and probably retesting around $61.5K to $62K before continuing its upwards trend. The build-up is massive, and a test of $64,000 could be the key to breaking out.”

– Michael Van de Poppe, Trading Analyst, Oct 13, 2024.

According to Van de Poppe, the significant breakout level to watch is between $64,000 and $65,000. Once Bitcoin clears this range, the door opens for a fresh attempt at all-time highs (ATH).

Conclusion: Key Levels to Watch

Bitcoin’s price action over the past week, combined with technical indicators such as the RSI, order book liquidity, and moving averages, all suggest that a breakout above $65,000 is increasingly likely.

While analysts like Skew, Material Indicators, and Michaël van de Poppe offer slightly different perspectives, they converge on one central point: Bitcoin is in a bullish phase, and the $65,000 level is the critical resistance to overcome in the days ahead.

Should Bitcoin break through $65,000, the next targets could be new ATHs, as long as bulls maintain the momentum seen throughout October. Traders will need to keep a close eye on these key indicators as the market develops.