The price of Bitcoin surged to $73,000, pushing the global cryptocurrency market capitalization to $2.45 trillion, and the majority of cryptocurrencies are trading in the green over the last day.
This takes place as Bitcoin BTC 1.76%, on October 29, the leading digital asset, Bitcoin, reached $73,000. Since bulls reached the all-time high in March 2024, this is the highest level for Bitcoin.
Despite a recent rise on Monday, bitcoin traders who keep an eye on daily candlesticks may feel a little let down as prices continue to drift sideways. The “three-line break” chart, a less used indicator, is currently pointing to a bullish scenario that might cause Bitcoin to reach new all-time highs.
According to CoinDesk Indices, the top cryptocurrency experienced a dramatic increase of more than 5%, reaching $66,000, the biggest one-day gain since late August.
The three-line break chart indicates a breakthrough from this pattern on Monday, despite the fact that daily candlestick charts are still neutral and show Bitcoin trapped in a corrective descending channel over the previous seven months. This implies that the general upward trend that began in October 2023, when Bitcoin was close to $30,000, will continue.
According to data from crypto.news, the price of bitcoin increased by 5.7% in a single day, reaching highs of $73,001 on major exchanges. This indicated that bulls once more reached the psychological $73,000 threshold. According to cryptocurrency analysts, bulls may not be finished yet, even though Bitcoin is currently trading just below $72,930.
Matthew Sigel, head of digital assets at VanEck, stated in an interview with CNBC on October 28 that the current market, which includes the vote on November 5, presents a very bullish setup for Bitcoin.
Peter Brandt, a seasoned trader, added to the optimistic forecast, predicting that Bitcoin will reach $94k.
Because likely profits will draw bids, some analysts predict that a breakout above the ATH will invite a breather. The more optimistic view, on the other hand, holds that the market will continue to rise in the upcoming months.
Will it make it through?
The three-line break chart eliminates noise and transient swings by concentrating only on price moves and trend reversals, in contrast to typical candlestick charts, which are time-bound. With this approach, traders can see the general market trend and possible reversals more clearly.
According to market technician Steve Nison, the three-line break chart functions similarly to point-and-figure charts, but it uses price dynamics rather than rigid guidelines to spot trend reversals. Traders are better able to adjust to market situations thanks to this flexibility.
When a fresh green bar emerges above the highest point of the preceding three red bars, it signals a bullish reversal; when a red bar falls below the lowest point of the preceding three green bars, it signals a bearish reversal.
Some industries, though, have surpassed the others and may do so in the future.
Crypto analyst Miles Deutscher claims that the best-performing industry is memes, which have increased by +219% so far this year. However, the Bitcoin ecosystem, real-world assets, artificial intelligence, and decentralized physical infrastructure network have also outperformed the rest of the market.
AI and BRC-20 tokens are up 217% so far this year, according to the analyst, while RWA (+134%) and DePIN (+73%) have peaked during the 2024 bull cycle.
However, not every sector has seen growth this year. Despite recent gains in coins in the social finance, zero-knowledge, and metaverse sectors, SocialFi is down 57%, ZK is down 36%, and the metaverse is down 30%, making it one of the worst-performing sectors. This group also includes layer-2 and governance tokens, which have YTD returns of -16% and -25%, respectively.
