Bitcoin “Going According to Plan,” Says Seasoned Trader, Projects Imminent Rebound to $78,000

An analyst has emphasized that the drop of Bitcoin to $69,000 aligns with his forecast, eyeing a rebound to $78,000.

Bitcoin’s price experienced a significant pullback, dropping from $72,500 Thursday evening to below $69,000 by early Friday. This decline reduced the gains the token had built up since the beginning of the week.

The broader crypto market mirrored Bitcoin’s movements, leading to a 5.3% dip in market capitalization. As of this writing, Bitcoin’s value has fallen 3.93% in the past 24 hours but has maintained a 2.95% price increase over the last seven days.

However, market analyst Ali Martinez highlighted that Bitcoin’s price movements were consistent with his projections. On October 26, he noted that if Bitcoin held above $65,000, it could rise to $72,000, pull back to $69,000, and eventually rally toward $78,000.

With Bitcoin testing the $69,000 support level at a current price of $69,384, it remains approximately 0.55% away from this anticipated support zone. If this key level holds, it could indicate the next phase for Bitcoin. According to the analyst, if Bitcoin maintains the $69,000 support and rebounds, the price could advance toward $78,000.

So far, #Bitcoin is going according to plan!

After moving up to $72,000, $BTC is now testing the $69,000 support zone. If this level holds, #BTC could rise to $78,000! https://t.co/e2mDs2DTij pic.twitter.com/W0OyNaoKw1

— Ali (@ali_charts) October 31, 2024

Indicators Point to Pullback

Further technical indicators align with the expectation of a potential retracement. Bitcoin’s price is near the upper boundary of the Bollinger Bands, suggesting it recently tested the upper limit and is now experiencing a pullback. This typically indicates that the asset was overbought and may be due for a retracement to the mean (middle band).

Additionally, the RSI stands at 58.24, placing it in neutral territory. This level indicates that while Bitcoin is neither overbought nor oversold, it has recently come down from a higher value. This downward movement suggests that buying momentum is weakening, signaling potential for further retracement.

Search Trends for Bitcoin and Retail Engagement

Meanwhile, recent data shows that while Bitcoin approached its all-time high, search trends remained subdued. Insights indicate that Google searches for “Bitcoin” have been notably low despite the recent price surge.

Historically, retail engagement during bull runs has coincided with spikes in search volumes. For example, Bitcoin’s rally to $20,000 in the 2017/2018 cycle correlated with an index level above 80 on Google Trends. Similarly, the rally in late 2020 to 2021 saw significant interest.

In 2024, Bitcoin’s rally initially drew considerable search interest in the first quarter, aligning with its peak at $73,750 in March. However, over the subsequent seven months, search activity waned.

As Bitcoin approaches record highs again, Google Trends continues to show low search interest, hinting that retail engagement may not yet have peaked. This pattern suggests that while the price has surged, retail participation and a bull market could still be in the process of building.