As a seasoned crypto investor with over a decade of experience navigating the rollercoaster that is the cryptocurrency market, I find myself cautiously optimistic about the current Bitcoin price action. The $65,000 retest is a significant milestone, and if history has taught us anything, it’s that Bitcoin loves to play hard-to-get at key levels before making its next move.
According to crypto expert MMBT Trader, the current Bitcoin price is being tested against a positive trendline around the $65,000 mark. He also shared insights on potential price movements in the market depending on whether Bitcoin stays above or falls below this bullish channel.
Bitcoin Price Retesting $65,000 And What Could Come Next
In a recent TradingView post, an analyst known as MMBT Trader highlighted that the $65,000 level is now considered the primary daily support. He suggested that traders should anticipate a potential retest of the breakout from the channel due to this key support. The analyst further stated that if Bitcoin maintains this crucial support, there’s a strong possibility for a significant price surge, potentially reaching a new record high (ATH).
If Bitcoin’s price can’t maintain its upward trend above $65,000, there might be a steep drop to the $60,000 support. In fact, MMBT Trader speculates that the price could fall even lower, potentially reaching $50,000 if it continues to decline. A breakdown in this case means Bitcoin may fluctuate within a range before trying to surpass its all-time high of $73,000 again.
Analyst Justin Bennett recently marked the $65,800 region as a key test for Bitcoin’s price. If Bitcoin fails to maintain its position above this level, it might dip down to approximately $63,000 according to his forecast. On the other hand, if Bitcoin manages to stay above this range, it would contradict Bennett’s trading strategy setup.
Bitcoin’s price has remained robustly above $65,000 since it regained $67,000 following a recent drop. However, Bennett suggests that Bitcoin isn’t out of danger just yet, despite the recent surge on October 23rd. He asserts that there is no definitive bottom until Bitcoin surpasses $68,200.
BTC Needs A Weekly Close Above This Level
In a recent post on X, the cryptocurrency analyst Rekt Capital pointed out that if Bitcoin closes the week above the $66,200 mark, this would confirm a successful retest. He observed that Bitcoin has already shown positive signs, as it briefly dropped below $66,200 and then bounced back above it.
If the chart he provided shows that Bitcoin’s price dipped under $66,200 before the end of the week, it might trigger a continued decline, potentially falling below the $60,000 support point.
Currently, CrediBULL Crypto, a Bitcoin analyst, forecasts that the Bitcoin price might approach the $68,000 mark to entice more long-term buyers (final longs). However, he cautions that a potential sharp drop could occur, bringing the price down to the $60,000 support level – a phenomenon he refers to as a “rug pull”. The analyst is among those who feel that it’s premature to predict a new All-Time High (ATH) for BTC, as the flagship crypto still requires a retest of the lower price range.
Currently, as I’m typing this, Bitcoin’s value stands approximately at $67,000. In the past 24 hours, it has experienced an increase, based on information from CoinMarketCap.
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2024-10-24 16:16