Bitcoin Price Prediction: BTC Hints at a New Rally That Will Potentially Usher in a Record High at the End of 2024

With Bitcoin's (BTC) price hovering above $60,000, the maiden cryptocurrency's technical pattern hints at a new rally that will potentially usher in a record high at the end of 2024.

Bitcoin (BTC) price action seems to be gearing up for a new rally, with technical analysis suggesting a potential surge to a record high by the end of 2024.

Specifically, the analysis points to Bitcoin forming a "cup and handle" pattern, which typically indicates a continuation of the previous trend. After a steep price decline from the November 2021 high, Bitcoin's price movement appears to be forming the "handle" part of the pattern.

According to TradingShot, who shared this observation in a TradingView analysis on October 4, the "cup" formation represents the deep price correction that began in 2021, while the ongoing downward price movement from March 2024 forms the "handle."

Interestingly, another analysis highlights the potential magnitude of Bitcoin's breakout, considering the "cup and handle" pattern. As Finbold reported earlier, analyst Ali Martinez suggested that the current Bitcoin price movement can be viewed as "noise," with a large price move brewing, thanks to the pattern, setting the next price target at $350,000.

It is crucial to note that Bitcoin's momentum to reclaim the $70,000 mark was paused after the cryptocurrency corrected amid escalating geopolitical tensions in the Middle East. However, an analyst at banking giant JPMorgan (NYSE: JPM) believes the geopolitical situation will likely fuel a Bitcoin rally.

Meanwhile, speculation continues regarding Bitcoin rallying in line with the "Uptober" sentiment, which sees the asset trading in the green during October. In this regard, a crypto analyst known as Ash Crypto observed in an X post on October 4 that Bitcoin had broken out from a bullish falling wedge pattern in the four-hour time frame, hinting at potential upside momentum.

With this breakout, the analyst highlighted the next critical resistance at $64,300. If Bitcoin can successfully breach and hold above this key level, it may signal further bullish continuation for the rest of October, aligning with the "Uptober" momentum.

Bitcoin price analysis

At the time of writing, Bitcoin is trading at $61,993, showing an increase of over 3% in the last 24 hours. On the weekly chart, BTC is down 6.5%.

A summary of moving averages and oscillators on the one-day technical chart, retrieved from TradingView, shows the "buy" sentiment at 12, 10, and 2, respectively.

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