October was shaping up to be a month of crypto euphoria, but the market has taken a sharp turn. Rising geopolitical tensions and a flood of ETF outflows have sent Bitcoin tumbling over $5,000 from its recent peak of $66k. Now, all eyes are on a series of crucial support levels that could make or break Bitcoin’s near-term future.
Here’s everything you should know.
Prominent crypto analyst Ali Martinez has recently identified a potentially bearish pattern in Bitcoin’s price movements that could lead to a substantial decline.
According to Martinez, Bitcoin might fall as low as $52,000 if the current price trends continue within a descending parallel channel. This pattern shows that Bitcoin’s price moves between two downward-sloping lines. Each time the price reaches the upper line, it encounters resistance and tends to drop toward the lower line, which acts as support.
As long as Bitcoin remains within these boundaries, it is likely to follow a bearish trend. However, if Bitcoin can break out of this channel, it could indicate a bullish reversal, pushing the price upward.
On the other hand, another analyst, Mags, believes Bitcoin could be on the verge of a significant price surge, potentially reaching as high as $130,000.
Mags suggests that Bitcoin’s price is currently forming a right shoulder, which could lead to a rally soon. If this pattern completes successfully, it could push Bitcoin’s price toward the $130,000 mark.
If Bitcoin follows the path suggested by the inverse head and shoulders pattern, this could be a crucial moment for the cryptocurrency, especially considering its recent struggles to gain strong upward momentum.
The crypto world is buzzing with predictions. Which analyst do you believe? Share your opinion!
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