Bitcoin (BTC) Eyes $68,000 as Analysts Plot Two Paths to the New High

Bitcoin (BTC) has regained significant momentum over the past week, breaking free from the $49,000 lows it reached during the broader market crash on August 5.

After breaking out of a crucial resistance zone last week, Bitcoin (BTC) has continued its ascent, reaching as high as $65,000 on Sunday. This latest rally has crypto analysts eyeing a potential move towards $68,000 soon.

However, not all technical experts are convinced the path forward will be completely smooth sailing. Here's a closer look at what two analysts are saying about BTC’s next steps.

Two Paths To $68,000 Bitcoin

Crypto analyst Doctor Profit, who has a notable track record of accurately predicting price movements (like BTC’s return to $50,000 during the August 5 crash), is now targeting $68,000.

A detailed report outlines that the key lies in Bitcoin’s interaction with the $63,900 line on the 6-hour chart. Two paths could lead BTC to the anticipated price.

The first scenario involves Bitcoin maintaining its position above the $63,900 level, which could pave the way for a quick rise to the projected $68,000 price.

Alternatively, a temporary dip below $63,900 could see BTC retest the 50-day exponential moving average (EMA) at $61,900 before rising above $64,000 and moving towards $68,000.

This latter scenario is assigned a 65% probability, indicating a potential retest of the $61,900 EMA support level before a push towards $68,000.

Open Interest Heatmap Points To Short-Term Pullback?

Technical analyst Ali Martinez observes that BTC appears to be trading within a parallel channel on lower time frames, suggesting a short-term pullback might be on the horizon.

A break below the $63,500 support could see Bitcoin drop as low as $62,800 before potentially bouncing back.

To further elaborate on this possibility, a trading platform known as Hyblock highlights the importance of the Open Interest (OI) Heatmap in gauging market sentiment.

According to the platform, the current open interest of $61,000 suggests a possible correction on the horizon. This aligns with the observation that BTC usually pursues these zones, especially considering the 8% surge over the past seven days.

While this may indicate a short-term pullback, a successful retest of lower support levels could set the stage for a strong recovery and a retest of higher resistance levels, assuming demand remains consistent.

At the moment, the largest cryptocurrency on the market is trading at $63,450, recording losses of over 1% in the 24-hour time frame after hitting the $65,000 mark late Sunday for the first time since August 1.

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