As a seasoned researcher with over two decades of experience in financial markets, I’ve seen my fair share of market fluctuations and cycles. The recent surge in Bitcoin’s price has caught my attention, but I remain cautiously optimistic about its near future.
In the last two weeks, Bitcoin (BTC) has experienced a significant increase, approaching nearly $70,000 at one point this week. Yet, some market analysts have expressed concerns about recent drops, predicting that the digital currency might undergo another adjustment before the upcoming US Presidential election.
Bitcoin To Face Another Shakeout Soon
During ‘Uptober,’ Bitcoin has experienced a 12% increase since its opening price, climbing from the $60,000 support level and regaining significant resistance points. In just the past fortnight, BTC has recuperated 14%, edging towards a re-evaluation of the highly anticipated $70,000 threshold.
After soaring beyond the $69,000 barrier, a level last visited in late July, the cryptocurrency encountered significant obstacles. Following an unsuccessful attempt to hold that position, Bitcoin’s value dropped by about 5.3%, reaching the vicinity of $65,000 to $66,000. It wasn’t until Thursday that it managed to surpass the $67,000 mark again.
According to certain analysts, due to Bitcoin’s recent market trends, it might experience a potential drop in the near future. Crypto expert Altcoin Sherpa has expressed doubts about the direction of Bitcoin’s volatile state in the immediate term.
The Sherpa indicated that there might be a final turbulence in the cryptocurrency market around November. He hypothesized that Bitcoin could experience another dip, potentially reaching the $62,000 to $64,000 price range, around the time of the U.S. Presidential elections on November 5th.
Nevertheless, the analyst predicts that Bitcoin’s bullish trend will persist following the price correction. Yet another market observer anticipates a further price drop in Bitcoin’s immediate future.
According to Analyst Crypto King, Bitcoin (BTC) is likely to end the week above $70,000, but may encounter resistance at this level. After this resistance, Bitcoin could pull back by around 8%, potentially dropping to around $64,000-$65,000. This decline in Bitcoin’s price might trigger a surge in altcoins, causing them to increase by as much as 5-6 times from their current positions, the analyst suggested.
Is BTC Set For A Green Weekly Close?
Regardless of the predicted rainy weather, other investors continue to be optimistic about the leading cryptocurrency. Crypto expert Moustache has marked the $67,000-$68,000 range as significant support points. In his view, if Bitcoin’s price manages to maintain these support levels, it could reach $70,000 in no time.
Following Bitcoin’s surge beyond the $68,000 barrier early on Friday, Crypto Yapper observed that BTC had broken free from a weekly bullish pennant and was poised for a significant escalation. The analyst further stated that before reaching the $70,000 milestone, Bitcoin might first need to break past the $69,000 mark.
Nevertheless, he emphasized that for Bitcoin to maintain its bullish trend, it needs to reach a new peak. Furthermore, Rekt Capital noted that the previous resistance level is now acting as support, indicating verification after the breakout.
According to the article, Bitcoin is predicted to end the weekly cycle at a price higher than $66,300, which would be considered a bullish sign. Furthermore, if Bitcoin manages to close above $67,900, it will indicate an extremely optimistic weekly close in the week preceding the final week of October.
At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe.
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2024-10-26 16:16