This Pattern Could Send Bitcoin to $88,000 Soon…

Bitcoin is showing impressive strength, edging closer to the $70K mark. Before hitting this milestone, if BTC reaches $69K, approximately $250 million in leveraged short positions will be liquidated. As a result, we can expect the bears to defend this level in the short term. However, we anticipate Bitcoin will continue to trade higher in the coming weeks and months.

Of course, BTC won't surge straight to the target of $88K. There will be dips and pullbacks along the way, which should be viewed as buying opportunities before the price continues higher. And yes, $88K is only a medium-term target for the next few months—2025 should be the year we see six-figure Bitcoin, in USD of course.

This breakout could be the catalyst BTC needs to ignite the rest of the crypto market and potentially start the blow-off top phase of the current bull run.

If you're concerned about missing out, don’t be. It's not too late (YOU ARE STILL EARLY). If you have long-term conviction in the crypto space, now remains a great time to enter. Contact your Stormrake Crypto Broker to take advantage of these golden opportunities.

Stormrake Spotlight: SUI ($2.15)

SUI is up 8% from yesterday's low. After setting a new all-time high, a pullback in price is expected. However, these pullbacks should not be confused with reversals and present opportunities to buy the dips. Our next Thunder Trading article will cover SUI and its potential in this upcoming bull run. This is one you won’t want to miss.

BTC/USD Key Levels and Price Action:

Bitcoin recently broke through the key resistance level of $66,800 with ease and continues to ride the 21 EMA higher. The lack of resistance suggests BTC's current strength, easily breaking through this key level. The next target is $69K, where we can expect bears to attempt to defend the level due to potential mass liquidations. There’s little concern for bearish sentiment at the moment. We may see a pullback to $66,800, but the 21 EMA has provided solid support during this short-term uptrend.

BTC Total ETF Flows for 16 Oct: $ +12.9 million (15 October saw an inflow of $371 million)

ETH/USD Key Levels and Price Action:

Similar to Bitcoin, Ethereum has been using its moving averages as key support while appreciating in price. ETH remains above all its moving averages, including the crucial $2,556 support level. As long as we stay above these levels and Bitcoin remains strong, there's no immediate concern for downside with ETH. The next target for ETH is the CPR resistance level of $2,837.

ETH Total ETF Flows for 16 Oct: $ N/A(15 October saw an outflow of $12.7 million)

Written by Alexandar Artis

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