Bitcoin (BTC) Tops $69,000. Is 155% Rally Possible?

Bitcoin, the leading cryptocurrency by market cap, briefly touched the $69,000 level on the Binance exchange at 18:46 UTC. 

The cryptocurrency has managed to reclaim the aforementioned level for the first time since late July. 

Notably, Bitcoin is already up nearly 9% during this "Uptober" after starting the month with rather disappointing price performance. 

A major rally on the cards? 

As noted by prominent trader Josh Olszewicz, who is particularly known for using the "Ichimoku Cloud" training strategy, there has been a bullish Tenkan Kijun (TK) cross on Bitcoin's three-day chart, with the Bitcoin price surging above the cloud. 

When such a setup appeared in the fourth quarter of 2023, it was preceded by a massive 155% rally. 

A major resistance level ahead 

As reported by U.Today, Galaxy Digital boss Mike Novogratz has predicted that Bitcoin could surge to $100,000 this year. However, for this to happen, the crypto king would have to smash through the $73,000 resistance level, according to Novogratz. 

The bulls have so far made several failed attempts to gain a footing above the crucial $70,000 after Bitcoin peaked at nearly $74,000 in March. 

The bears repeatedly succeded in preventing the bulls from breaking through the $71,500 resistance in April, May, and June.

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After crashing to the $53,500 level, Bitcoin touched the $70,000 level once again in late July. However, this turned out to be another failure for the bulls. 

Now that the U.S. Federal Reserve has started cutting interest rates, there seems to be more bullish momentum. That said, it remains to be seen whether the strength of this momentum will be sufficient to push Bitcoin all the way to record highs.