Eyeing $107K: Why Bitcoin’s Run to All-Time Highs Could Be Just the Start

by | Oct 30, 2024

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In a year where every tick seems to matter, Bitcoin’s surge has made a clear impact on my portfolio — pushing it to new highs and proving the value of a strategic dollar-cost-averaging strategy at the lows. 

From the start of 2024, I’ve been averaging in on Bitcoin, particularly during dips and at significant price levels, buying each new low that looked likely to hold. 

As it turns out, that strategy has paid off as Bitcoin inches up to levels never seen before. 

Now, we’re not just inching along anymore. Bitcoin is building momentum that has pushed it over $73,000 and near all-time highs from march. This movement ahead of an election week could mean big opportunities and, equally, big risks. 

Right now, I’m seeing two potential scenarios: Either Bitcoin confirms its upward breakout, or it hits this level, gets rejected, and we drop into a longer accumulation phase. 

This second scenario would indicate a prolonged, head-and-shoulders-like consolidation, allowing time for bigger players to build positions.

Looking at the technicals, this recent move aligns well with my symmetry target of around $107K. 

Now, if we get a fifth wave after that — a classic pattern in technical analysis — we could be looking at an even bigger target, something close to the $130K range. Of course, even if we break out, there’s always the chance for a pullback that tests prior resistance levels, which should now act as new support. 

But it’s all part of the larger picture, where we’re seeing the kind of momentum that only comes around once in a long while.

Gold, meanwhile, is another asset lighting up the charts, also hitting fresh all-time highs this week. Its rally speaks volumes about the broader risk appetite in the market right now. 

And yet, here we are — the dollar, yields, Bitcoin and the S&P 500 (SPY) all moving higher together in what would usually be a broken correlation. It’s rare for these assets to rise simultaneously — typically, a strong dollar dampens interest in assets like Bitcoin and gold.

All of this points to a market preparing for something big — a “risk on” phase with major breakouts across different assets. 

With Bitcoin knocking on all-time highs, gold breaking into new territory, and stocks holding near record levels, there’s a real possibility that we’re witnessing a market recalibration. 

For now, I’m holding my Bitcoin position, riding the wave up, but keeping an eye on that critical resistance around $73,800. We’re either on the verge of a breakout into uncharted territory…

Or staring at a prolonged accumulation phase.

I’ll see you in the markets. 

Chris Pulver
Chris Pulver Trading

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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk. 

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The performances displayed here are historical examples based on Newton signals for the time period shown. They are not indicative of future results and you may lose money. Based on our backtesting Newton signals posted a positive outcome 80% of the time.  

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