Bitcoin reached a new monthly high of $68,400 on October 16, marking its fourth attempt to breach the 217-day downtrend since hitting an all-time high of $73,881 in March 2024. The price fluctuations are accompanied by a positive shift in on-chain activity, with increasing active addresses suggesting heightened market demand. Analysts point to the critical price range of $68,300 to $67,300, which Bitcoin needs to convert into support to change its downtrend trajectory. Veteran trader Peter Brandt indicated that Bitcoin is at a pivotal moment, questioning whether it will successfully break through or face setbacks. Additionally, BitQuant predicts that once Bitcoin surpasses $70,000, it may consolidate in the $95,000 to $75,000 range. Overall, despite potential short-term volatility, the long-term outlook remains optimistic, fueled by rising user engagement and a recovery in demand for the network.

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