Bitcoin stabilized around $64,500 this week after a volatile stretch, according to CoinGecko. The steadier price comes as whales scooped up roughly 29,000 BTC — worth over $1.8 billion — and analysts laid out bullish scenarios tied to technical patterns and the upcoming US midterm elections.
Whale accumulation and the $60,000 setup
Analyst Ali Martinez says the recent whale buying is a bullish sign. He notes that a drop to $60,000 would complete an inverse head-and-shoulders pattern on the daily chart. If Bitcoin then breaks above $66,500, Martinez sees a potential pump to $74,000. The 29,000 BTC accumulated by large holders over the past week adds weight to that view, he argues.
Timing the bottom: October or November?
Martinez also predicts Bitcoin's bottom will occur between October 6 and October 16, based on the four-year cycle theory. That timeline puts the trough just ahead of the US midterm elections in early November. Analyst Joao Wedson expects bulls to regain control around that same period, aligning with the election cycle.
The long view: $220,000 target
Not all analysts are looking at near-term moves. Vivek Sen forecasts a cup-and-handle breakout for Bitcoin with a minimum target of $220,000. That pattern, if it plays out, would require months of consolidation before a sustained rally.
For now, Bitcoin is holding above $64,000. Traders will be watching whether BTC can clear $66,500 in the coming weeks to confirm the bullish pattern — or whether a dip to $60,000 sets up the next leg higher.
