This article is available in Spanish.
Bitcoin (BTC) has registered a notable increase over the past 14 days, approaching the $70,000 mark earlier this week. However, some market watchers shared concerns about the recent pullback, suggesting the cryptocurrency could undergo another correction ahead of the US presidential election.
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Bitcoin is soon facing another shakeout
This ‘so far’, Bitcoin has registered a 12% increase from the opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the past two weeks, BTC recovered 14% from early October shakeouts, approaching a retest of the long-awaited $70,000 mark.
The cryptocurrency faced major resistance after rising above the $69,000 zone, a level not seen since late July. After the failed retest, Bitcoin’s price faced a 5.3% decline towards the $65,000-$66,000 range, only managing to regain the $67,000 mark on Thursday.
Based on BTC’s recent performance, some analysts believe that the flagship crypto will undergo another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he’s not sure where Bitcoin’s “extremely bad conditions” will lead in the near term.
Sherpa said the cryptocurrency could see a final shakeout “sometime in November.” He suggested that BTC could face another decline towards the $62,000-$64,000 price range around the time of the US presidential election, scheduled for November 5.
However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also predicted another correction for BTC in the near future.
Analyst Crypto King declared that BTC will close above $70,000 this week before being rejected by the key level. After the rejection, Bitcoin would retreat 8% towards $64,000-$65,000, which could push altcoins to “move 5-6x from current position,” the analyst said.
Is BTC Ready for a Green Weekly Close?
Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Mustache called the $67,000-$68,000 range “insanely important support levels.” To the analyst, if the price of BTC holds If supported there, it will soon reach $70,000.
After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper took off noted that BTC broke out of the weekly bull flag and was “poised for an exponential move.” The analyst also claimed that the next horizontal level to break before the $70,000 test is $69,000.
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Nevertheless, he stated that Bitcoin would need to reach a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s old downtrend line provides support, which serves as confirmation after the breakout.
According to the post, the cryptocurrency would file a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, it will register a “very bullish weekly close” before the last week of October.
At the time of writing, BTC is trading at $67,737, up slightly by 0.3% in the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
