BTC Price Prediction: The Rally Has Not Ceased, $70K is the Next Target

After hitting a new ATH of nearly $67,000, Bitcoin's price pulled back a little, and achieved its highest-ever monthly close of $61,200 on Oct. 31. October or ''Uptober'' as it was known throughout the month, saw a rise of close to 40%, Bitcoin's highest since December 2020.

 

In fact, there is not much resistance above $60,000, the near-term outlook remains positive. Even PlanB's stock-to-flow model has stayed on track, more or less; BTC could reach $98,000 if the model has to continue its historical accuracy.

 

The current market scenario indicates that BTC holders are gearing up for a strong November, expecting positive returns heading into the end of the year. Meanwhile, a recent report by CoinShares suggests that bitcoin ETF inflows, which hit over a billion dollars in its first week of trading, have nosedived in the past week as altcoins continue to dominate the market. A fresh decline is also possible.

 

Technical Analysis

Over the last week, BTCUSD has been trending higher in an equidistant channel formation, confirming the upward bias after prices retreated from fresh all-time highs in October. With the pair currently trading at the midpoint of the channel, any pullback towards the lower channel line could present an interesting entry point to follow the existing trend.

 

On the 1H chart, There is a key bearish trend line forming with resistance near $62,250 on the hourly chart of the BTC/USD pair. But, BTC price is trying to break above it and is testing the Fib 61.8% level. RSI and MACD are giving positive signals.

 

On the upside, $65,950 is the level to watch ahead of all-time highs near $67,000. On the downside, the main breakdown support is $60,000 - $58,000.

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