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 recently predicted that Bitcoin could surge to $100,000. However, for this to happen, the crypto king would have to smash through the $73,000 resistance level.

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