Bitcoin (BTC), the pioneering cryptocurrency, has experienced a significant upswing over the past two weeks, nearing the $70,000 threshold earlier this week. This impressive performance has sparked both enthusiasm and caution among market observers, who express concerns about potential market corrections, particularly with the looming US Presidential election.
Bitcoin’s Recent Performance and Future Outlook
Bitcoin To Face Another Shakeout Soon
The month of October, often referred to as ‘Uptober’ in the crypto world, has seen Bitcoin climb by 12% from its opening price. This surge allowed BTC to bounce back from the $60,000 support level, successfully reclaiming several key resistance zones. Over the last 14 days, Bitcoin has managed to recover 14% from early October’s shakeouts, bringing it tantalizingly close to the much-anticipated $70,000 milestone.
However, Bitcoin’s upward momentum encountered major resistance upon surpassing the $69,000 mark, a level not witnessed since late July. Subsequently, the cryptocurrency experienced a 5.3% pullback, settling within the $65,000-$66,000 range. This setback delayed any attempts to retake the $67,000 level until Thursday.
Given Bitcoin’s recent trajectory, several analysts anticipate another potential correction in the upcoming weeks. Altcoin Sherpa, a renowned crypto analyst, expressed uncertainty regarding Bitcoin’s “extremely chippy conditions” in the short term. Sherpa suggested that BTC might undergo one final shakeout “sometime in November,” potentially aligning with the US Presidential elections on November 5. He projected a possible pullback to the $62,000-$64,000 price range around that time.
Despite this potential turbulence, the analyst remains optimistic about Bitcoin’s broader bullish trend post-shakeout. Another market expert, Crypto King, predicted a similar correction for Bitcoin’s immediate future. He anticipated BTC closing above $70,000 this week before encountering resistance at this crucial level. Following this rejection, Crypto King foresaw an 8% retracement toward the $64,000-$65,000 range, potentially sparking significant movement in altcoins, with potential gains of 5-6 times their current value.
Is BTC Set For A Green Weekly Close?
Despite these cautionary forecasts, certain investors maintain a bullish outlook on Bitcoin. Crypto analyst Moustache identified the $67,000-$68,000 range as “insanely important support levels.” According to Moustache, if Bitcoin’s price sustains this support, it is poised to reach $70,000 in the near future.
Following Bitcoin’s surge past the $68,000 resistance on Friday morning, Crypto Yapper observed that BTC broke out of a weekly bull flag, indicating readiness for an exponential move. The analyst highlighted the importance of surpassing the $69,000 level before testing $70,000 to maintain bullish momentum.
Furthermore, Crypto Yapper emphasized that a higher high is essential for Bitcoin to uphold its bullish stance. Similarly, analyst Rekt Capital noted that Bitcoin’s old downtrend line now serves as a supportive post-breakout confirmation. According to Rekt Capital, a bullish weekly close above $66,300 would be favorable for Bitcoin. Additionally, closing above the $67,900 zone would signify a “very bullish weekly close,” setting an optimistic tone for the last week of October.
As of the time of writing, Bitcoin is trading at $67,737, reflecting a modest 0.3% increase on the daily timeframe.
