As a seasoned analyst with over two decades of experience in various financial markets, I have learned to approach every market prediction with a blend of caution and optimism. After carefully examining the current crypto landscape, my analysis leans towards a bullish outlook for this week.
Is it likely that the cryptocurrency market will continue with low fluctuations and minimal activity for another week, or could Bitcoin be on the verge of a surge, initiating the anticipated “Uptober” period?
On October 14th, analyst CrypNuevo advised his 117,000 followers on social media X that the upcoming week could bring favorable movements in pricing.
“We’ve seen aggressive moves in both directions, and they are being retraced,” he said before predicting that BTC will move higher this week.
Up or Down This Week?
The analyst pointed out an uptrend region for potential liquidation, situated between approximately $63,500 and $65,000. They suggested that an initial sell-off or correction might occur, particularly at the start of the week, followed by a movement towards this zone eventually.
$BTC Sunday update:
Quiet week ahead; it should be a good one in regards to Price Action.
In both cases, we’ve observed bold steps taken, only to be reversed later on. However, I’m hoping for an upward trend to occur, preferably in this situation.
This is my analysis and plan for this week:— CrypNuevo (@CrypNuevo) October 13, 2024
On October 14th, analyst Michael van de Poppe expressed a similar viewpoint, suggesting that a brief period of stabilization or sideways movement might occur before anticipating an upward trend.
“A test of $64,000 will likely bring the big breakout we’re looking for. The build-up is massive.”
On the other hand, analyst CrediBULL Crypto presented a pessimistic outlook, forecasting a retreat down to the range between $50,000 (mid) and $60,000 (high), followed by another surge.
Over the weekend, analyst DonAlt examined two possible situations. He suggested that if Bitcoin surpasses $65,000, “I would bet we’ve successfully broken free from the endless price fluctuations.” However, if it drops below $58,000, “there may be more disappointment to come.
“I’m hopeful we’ll go up after all this chop has ended.”
The Bitcoin Fear and Greed Index, used for gauging investor emotions, is back to a neutral state at approximately 48, after it dipped into the “fear” zone last Friday.
BTC Taps $64K
Cryptocurrency markets seem to be experiencing an upward trend, as Bitcoin reached a new one-week peak of $63,975 during early trading hours on Monday, as per TradingView’s data.
Despite being confined within a certain price range currently, a break above $64,000 is necessary for the optimistic forecasts proposed by the analysts to materialize.
The next major resistance point is $66,000, where the asset was halted in late September.
According to Bitcoin pioneer Kyle Chassé, this week is ripe for activity. He further stated that in approximately 6 to 8 months, the price at which you bought Bitcoin, whether it was $64K or $58K, won’t make a difference.
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- DAO PREDICTION. DAO cryptocurrency
- PERP PREDICTION. PERP cryptocurrency
- PIP PREDICTION. PIP cryptocurrency
- CGO PREDICTION. CGO cryptocurrency
- GBP CNY PREDICTION
- PAW PREDICTION. PAW cryptocurrency
- GhillieMaster: GTA Online: NEW Canis Castigator and Madrazo Hits, TRIPLE Money Bonuses, and More!
2024-10-14 11:09