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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 18, 2024 10:11 UTC
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Bitcoin Bull Run Predicted Between October 20th-30th!
Bitcoin's recent price rally has faced resistance and potential double top formation.
Despite bearish indicators, analysts remain bullish on Bitcoin's long-term prospects.
On-chain data suggests growing whale accumulation and institutional interest in Bitcoin.
Bitcoin (BTC) has seen an impressive rally of over 10% in the past two weeks but now faces a strong resistance level around $68,000. In the last four days, the leading cryptocurrency has been rejected twice at this price point, creating a potential double top pattern, alongside a bearish daily Relative Strength Index (RSI).
The four-hour chart shows a significant decline in bullish momentum over the past few days, raising fears of a possible selloff this weekend. The prevailing greed in the market could lead to a sudden flash selloff, followed by a quick rebound toward an all-time high.
Here’s a deep dive into everything you need to know.
Bitcoin Price Targets & Key Levels
Renowned crypto analyst Michaël van de Poppe believes that hopes for Bitcoin to drop below $50,000 may never come true again. He expects Bitcoin to find strong support around $65,000, which could lead to a rebound in the long run.
Another analyst, known as Jelle, echoed similar thoughts, suggesting that a significant Bitcoin breakout toward price discovery is imminent. He pointed out that historical trends show that post-halving Bitcoin price consolidation often leads to major bull runs in the months that follow.
Whale Investors On the Hunt
Despite the midterm market uncertainty and volatility, on-chain data shows that whale investors are aggressively accumulating more Bitcoins. In the past 24 hours, the Bitcoin supply on centralized exchanges declined by nearly 4k, coinciding with the ongoing market rebound.
The United States-based spot Bitcoin ETF issuers, led by BlackRock’s IBIT, have accumulated more than $2 billion worth of BTCs in the past few days.
On Thursday, the US spot Bitcoin ETFs registered a net cash inflow of around $470 million, thus recording the fifth consecutive day of cash inflow.
With whale accumulation and institutional interest on the rise, is Bitcoin poised for a major breakout? Tell us what YOU think.
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