The article “Top Analyst Says ‘Altcoins are Beginning to Surge’ and Bitcoin Could Soon Reclaim $70k” originally published on Coinpedia Fintech News.

With the official end of the recent Bitcoin downturn, there may be a change in the momentum of the market. Crucial resistance areas and price objectives that could influence Bitcoin’s future movements are becoming more apparent as we analyze the breakthrough.

Analyst Capo stated that there are indications of bullish momentum for Bitcoin on his Telegram handle. He claimed that there was little change in Bitcoin over the weekend, only a minor decline. But additional cryptocurrencies are starting to rise now that Bitcoin has reclaimed the $60k milestone. The cryptocurrency market might yet be in for the best.

Bitcoin might increase to $69k–$70k if it manages to regain $62k, which it appears to have done. The next aim for Bitcoin, if it were to successfully cross the $69k–$70k level, would be $75k–$80k. The prognosis is still favorable despite a few brief declines, which should be seen as either buying opportunities or slight declines to ignore.

“$BTC reclaiming 60k, more altcoins are starting to pump,” the analyst noted in his analysis. The best is not yet upon us. First positive validation: a clean $62k recapture, which suggests a probable $69–70k. Second bullish confirmation: a clean recapture of $69–70k suggests that the main objective ($75–80k) is probably reached.

More Crypto’s study indicates that Bitcoin is steadily rising and exiting its triangle formation. Since this breakout isn’t quite convincing just yet, it’s possible that Bitcoin will test support once more before continuing its upward trajectory. According to Elliott Wave theory, this possible retest wouldn’t upend the main structure, but it might cause some short-term changes.

Right now, the price is on what seems to be an upward diagonal pattern’s third wave. Prices may rise as long as Bitcoin remains over the crucial $62,520 support barrier. We might witness a breakout that triggers the subsequent leg higher if the Bulls are able to drive the price above $64,600. Nevertheless, there can be a retracement before another attempt at a rebound if Bitcoin falls below the support line.

Bitcoin diagram suggests a potentially “incredibly” rapid climb to $68K, according to analysts

If bitcoin can manage to keep above $64,000, a level it has struggled to hold above for 20 days, traders are aiming for $68,000.

On the price chart of Bitcoin, cryptocurrency traders are observing a trend that could potentially push the price of the cryptocurrency closer to regaining its all-time highs from 2021.

The anonymous cryptocurrency trader Mister Crypto mentioned the Bitcoin BTC $64,024 price chart in an analysis video on August 24. He said that if Bitcoin breaks over $64,000, it is “very likely” to head back toward the $68,000 mark, which it hasn’t touched since July 30.

When it gets closer to $68,000, traders will start to make predictions on when it might hit its all-time high of $68,991, which was a crucial mark that was followed carefully in 2024.

According to CoinMarketCap data, at the time of publication, Bitcoin is trading slightly over the threshold at $64,245.

It didn’t break above $64,000 for the first time in 20 days, though, on August 23. After that, it had difficulty holding above and fell back toward $63,500.

The breakthrough was brought about by US Federal Reserve Chair Jerome Powell’s dovish remarks, which gave investors further hope that interest rate reduction are in the works. He did not, however, provide a precise timeframe.

Prior to the months that passed after the first Bitcoin exchange-traded funds (ETF) were approved on January 11, $64,000 was thought to be a crucial support level for the cryptocurrency.

But this level became resistance for Bitcoin on August 5, also referred to as “Crypto Black Monday,” due to a recent decline.

Investors were cautioned by Mister Crypto that there won’t be any significant changes in the price of Bitcoin over the weekend; instead, it is expected to stabilize at its current level.

Elja, a cryptocurrency trader, stated to their 684,400 X followers that “bulls should push Bitcoin towards $68K–$70K.”

The relative strength index (RSI), which indicates that the price of Bitcoin is not yet overbought, was one of Elja’s justifications for her assertion.

An RSI of greater than 70 suggests that the market may be overbought. If it is less than 30, it may indicate that the market has been oversold.

Bitbo data indicates that the RSI for Bitcoin is 66.11. The RSI spiked to 79 during Bitcoin’s record high of $73,679 in March of this year.

Coinbase premium for bitcoin reaches a 39-day high as $63K is recovered

The Coinbase Premium Index, which gauges the difference between the price of Bitcoin (BTC) at $64,024 on Coinbase Pro and Binance and is designed to gauge US investor demand relative.

Negative readings may indicate a sell-off is occurring, but good readings may indicate purchasing pressure. Coinbase Premium plummeted below -0.10 just before August 5’s “Crypto Black Monday,” when the price of Bitcoin went below $50,000.

Demand increased after Federal Reserve Chair Jerome Powell told the public that interest rate reduction were probably coming, though he did not say when.

At the annual Jackson Hole summit, he declared, “The time has come for policy to adjust.”

As of the time of publication, CoinMarketCap statistics shows that the price of Bitcoin is $63,978, up 5.46% from Aug. 22.

According to a recent report from Cointelegraph, Powell’s speech signaled a “appropriate dialing back of policy restraint,” although it did not provide a specific start date for the reduction. The markets had been closely monitoring Powell’s remarks for clues about policy easing.

Before the Fed’s statement and the subsequent spike in price, Bitcoin was trading at roughly $60,000, raising fears about possible miner selling pressure because the cost of mining the cryptocurrency was still $72,224.

In a post dated August 23, cryptocurrency expert Will Clemente said, “There are still seven days remaining in the month, but it’s undeniable that the market has seen sub $60k BTC as value for six months now.”

Bulls in bitcoin face the prospect of a “Bart Simpson” drop in price to $62K

Although there are many reasons to believe that the price of bitcoin might quickly reverse, the market holds its most recent gains throughout the weekend.

Bitcoin price BTC $64,037 circled $64,000 into the weekly close on August 25 as research indicated that gains in BTC price would soon be erased.

The price of Bitcoin struggles to hold onto gains

A flat weekend for BTC/USD was observed by data from Cointelegraph Markets Pro and TradingView, following sharp advances at the close of the previous Wall Street trading day.

These came after the US Federal Reserve sent encouraging indications in September about policy easing, including the first interest rate decreases since 2019.

After a slow start, Bitcoin eventually reached two-week highs of around $65,000 before leveling off.

But well-known trader CrypNuevo used caution when he projected further movements.

He concluded in a thread on X that order book liquidity supported a drop to support that would close off late long positions.

He concluded by saying, “The levels with more liquidations are $63.5k (1h50EMA) & $62.2k,” referring to the 1-hour chart’s 50-period exponential moving average.

As a result, BTC/USD may print a traditional “Bart Simpson” pattern, returning to the 50-period EMAs on the 1- and 4-hour timescales.

The concept was also supported by other well-known social media traders, such as Trader ELM, who saw a decline to $62,700 before continuing to rise.

On the other hand, fellow trader Crypto Chase replied that “purchasing “clean retests” like 62.7K following BTC pumps are historically very low hit rate” that day.

According to Crypto Chase, an outbreak above $65,700 would provide a more definitive sign of bullish momentum; on the other hand, a decline back to $60,000 would require careful monitoring.

He stated accompanying an explanation chart, “Watch how PA reacts if 60K-61K is tested again to figure out if to long for a further test of daily resistance 65K or short towards 57.5K.”

Analyst: Bitcoin wants to get back to its pre-halving level

Looking broader, trader and analyst Rekt Capital provided a positive assessment on the performance of the Bitcoin price.

He said that Bitcoin was almost back to its prior range, which he referred to as the “post-halving reaccumulation range,” after its April block subsidy halving.

It is impossible to overstate the significance of this technical event, he claimed.

The pricing behavior after this year’s halving was contrasted to that following the 2020 halving in an accompanying chart.

Bitcoin prices touch a $62K sale wall as analysts predict a crypto market that is “up only”

As soon as the US Federal Reserve makes it obvious that it will be cutting interest rates, bitcoin bulls surge past significant price resistance.

Following the Wall Street opening on August 23, Bitcoin surged above $62,000 as the US Federal Reserve announced the first interest rate reductions since 2019.

Bitcoin price erratic as Powell, the Fed, suggests that policy should “adjust”

New local Bitcoin BTC $64,024 price highs of $62,323 on Bitstamp were seen based on data from Cointelegraph Markets Pro and TradingView.

When Fed Chair Jerome Powell confirmed that interest rates will now likely decline, investors responded favorably.

At the annual Jackson Hole summit, he declared, “The time has come for policy to adjust.”

A dovish Powell announced a “appropriate dialing back of policy restraint” during the event, which the markets had been closely monitoring for clues about policy easing. However, Powell did not provide a specific start date for the reduction.

“We have enough room to respond to any risks we may face, including the risk of an unwanted further weakening in labor market conditions, given the current level of our policy rate,” he said.

The week’s main discussion point was employment after a snap decrease resulted in 818,000 fewer job vacancies for the year ending in March 2024.

In the meantime, markets were banking for a 0.25% rate drop at the Fed’s upcoming meeting at the end of September, according to the most recent data from CME Group’s FedWatch Tool.

Commentators on the Bitcoin market were optimistic in their response.

The “Wolf of All Streets,” trader, analyst, and podcast presenter Scott Melker, summed up Powell’s remarks in a post on X, saying, “Powell goes full dove.”

“Up only time for crypto,” as former BitMEX CEO Arthur Hayes prophesied.

A popular trader named CrypNuevo commented, “$BTC liquidations to the upside getting hit and a long wick forming,” while examining low-timeframe market movements.

Bitcoin dealers increase games of liquidity

The most recent information from the monitoring tool CoinGlass followed changes in liquidity throughout exchange order books. It showed that a fresh block of ask liquidity was being added at $62,450, which prevented the price of Bitcoin from rising further as of this writing.

However, $62,000 continued to be the crucial breakout level that bulls may use to turn to support on a daily basis.

“Bitcoin still needs to make a major breakthrough. The markets will likely continue to rise this week if it breaks beyond $62K, trading firm MNTrading’s founder and CEO, Michaël van de Poppe, stated in his most recent X analysis.

According to Van de Poppe, there was a possibility of this happening because of the capital inflows into US spot Bitcoin exchange-traded funds (ETFs) during the previous week.

Net ETF inflows for the first four days of the week were estimated by the UK-based investment firm Farside Investors to be little over $250 million.