It has been around a year since bitcoin started pumping again, After a sudden downturn in the past few days, it is likely that bitcoin will face an upswing retracement as the election draws closer and the October Pump occurs.
What will happen 2025 is uncertain, however it seems likely bitcoin will hold until the election date and a few weeks after.
Although I have not a clue where bitcoin will end up in a month, I can say that I predict bitcoin to retrace to the 65k levels before making a next move up or down.
Please let me know what you all think, this is just a short idea.
The next few days for bitcoin will be very crucial,
STAY CALM
Firstly we have just had a retest of the 62.5k support of bitcoin, bitcoin could keep moving down as we have also tested 64k, the next crucial test point will be 65k in the next few days however it is unsure at the moment.
I believe Bitcoin's next step is going to be a short-term bearish before entering a bullish phase, it has failed to hold above the 60k psychological level and now we are heading to a temporarily lower price.
What are your thoughts?
Although bitcoin has plummetted in the past week, looking at the 4H chart this is well within expectations. Now the run is not over yet however it may be if bitcoin fails to retake the key psychological level of 60k and hold above it.
General Market Conditions
Bitcoin is currently re-testing the 60k level, if it breaks and holds it is a key psychological level and may be due for a breakout, however if Bitcoin fails it will experience downward momentum perhaps plummetting to the support level of 49k as we saw on the 5th August.
Bitcoin is the lowest it has been in the last week, mainly due...
There is currently alot of fear and uncertainty in the market with the greed and fear index at 34 simulating market sentiment of fear.
This is because of the failed break through of the 63k resistance. However to get there first bitcoin must break through the 60.4k and 61k resistance levels which at the moment are posing a huge problem as bitcoin surges back...
I believe in the short term bitcoin will re-test 60k, this will be a crucial level as afterwards if it can break it will head for 62-65k as seen over last weekend however if it fails the retest, sell power might overwhelm bitcoin turning it bear.
I believe in the short term bitcoin will re-test 60k, this will be a crucial level as afterwards if it can break it will head for 62-65k as seen over last weekend however if it fails the retest, sell power might overwhelm bitcoin turning it bear.
