As a researcher with over two decades of experience in the financial markets, I’ve seen my fair share of market cycles and trends. The recent price action of Bitcoin (BTC) has piqued my interest, as it seems to be following a pattern that harks back to the 2017 bull run.
The current levels for Bitcoin (BTC) have become crucial as potential supports, as the Bitcoin price moves away from its 10-day lows.
On October 24th, in his most recent analysis, Keith Alan (co-founder of the trading resource Material Indicators) highlighted a significant price level that was first reached back in April 2021.
$65,000 becomes do-or-die BTC price level
This week, Bitcoin experienced a pullback following its peak at $69,000 since the summer, however, the control of sellers was brief.
Initially, as the predefined safety thresholds were breached, there was an increased pace of price drops following the opening on October 23rd, according to information from CryptoMoon Markets Pro and TradingView.
The result was a trip to $65,000, marking Bitcoin’s lowest levels since Oct. 10. A subsequent rebound nonetheless took BTC/USD back above $67,000.
By bypassing this action, the bulls managed to steer clear of challenging a significant weekly trend line – the 21-week simple moving average (SMA).
According to him, the current price of $62,700 should remain unchanged without any dips below this point. This stability could indicate that the brief upward trend is still active.
This past week’s minimum Bitcoin price almost scraped the surface of its previous peak from the prior cycle, which occurred in April 2021 and was set at $64,950 on Bitstamp, not the more recent one in November 2021.
On Thursday, we faced a robust examination of the Mid-Cycle Peak, which is currently showing a strong link with the 21-Week Moving Average, according to Alan’s summary.
“Let’s see if BTC can hold above that technical support through the weekly close.”
A chart provided alongside shows the designated areas of focus, as well as trade suggestions generated by one of our unique trading instruments.
Analyst sees Bitcoin all-time high retest in “2-4 weeks”
According to CryptoMoon’s latest update, the markets for risky assets such as cryptocurrencies are on edge, expecting price fluctuations in the coming fortnight due to the upcoming U.S. Presidential Election and the Federal Reserve’s interest rate announcement.
Prior to this, the release of US macroeconomic data could contribute to the sense of uncertainty. On October 24th, both the Purchasing Managers’ Index (PMI) and weekly unemployment claims were scheduled for publication.
A scorching Hot Unemployment Report might prompt a reversal, according to further analysis on the possible influence of such data on Bitcoin’s price.
The text could be rephrased as: If Bitcoin’s price drops below $65,000, the most recent optimistic trading prediction will no longer hold true.
Other market participants were confident that the worst was over.
In simpler terms, “Stop-loss orders triggered and assets were sold off, causing our prices to drop slightly more than expected due to delays in execution, as reported by the well-known trader CryptNuevo to his group of X followers.
“I think LTF worst case scenario would be forming a W bottom to fill the wick that was created today. More conviction when support is reclaimed but I think we’re good.”
Michael van de Poppe, a cryptocurrency trader, analyst, and businessperson, made an additional forecast, suggesting that Bitcoin could potentially reach its record highs once again within the coming 30 days.
“The dip has happened on Bitcoin,” part of his latest X post read.
“I think that the correction is over as today’s macroeconomic season is kicking off with PMI data. Expecting to see the ATH test in the next 2-4 weeks.”
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2024-10-24 11:01