Bitcoin could set a new all-time high near $145,000 as soon as October–November, according to a new forecast from market analyst Celal. The projection comes as BTC struggles to hold the psychological $70,000 level amid mixed technicals and a challenging macro backdrop.
Analyst sees $145,000 ATH in Q4 as momentum rebuilds
In a post on X, analyst Celal said Bitcoin may rally to roughly $145,000 between October and November. He pointed to the Relative Strength Index (RSI) potentially rising into overbought conditions around 90, a level that would indicate strong upside momentum. Celal’s chart also suggested BTC may be forming a bottom ahead of a push to new highs.
The RSI is a momentum oscillator that measures the speed and change of price movements; readings above 70 are typically viewed as overbought, while readings near 90 indicate extreme strength during trending markets.
Key levels: “No-trade zone” until $70,685 or $65,636 breaks
Crypto analyst Ali Martinez described Bitcoin’s current structure as a “no-trade zone,” highlighting two pivotal levels that could dictate the next directional move:
- Resistance: $70,685
- Support: $65,636
Martinez noted that more than 1.72 million BTC have changed hands within this range, suggesting buyers and sellers are firmly positioned. A decisive break above $70,685 or below $65,636 could set the tone for the next significant move, he added.
Bear-case arguments: macro headwinds and market structure
Other analysts presented a more cautious outlook. Ardi argued that Bitcoin remains in a bear market and that recent upside was largely driven by short covering, leaving BTC vulnerable to further declines.
Colin cited rising oil prices and expectations that the Federal Reserve may keep rates higher for longer as macro headwinds for risk assets, including Bitcoin. He added that BTC has been trading within a bear-flag pattern since February and suggested an eventual breakdown is possible. Colin also said Bitcoin has been in a bear market since October 5 and is only five months into a typical 12-month cycle, implying potential downside if that framework holds.
Geopolitical tensions, including those involving the U.S. and Iran, have added to market uncertainty and risk aversion, according to market commentators.
Price snapshot
At the time of writing, Bitcoin was trading around $68,800, down over the last 24 hours, according to CoinMarketCap data.