Rising and Falling: Bitcoin’s Current Position
Bitcoin started October with a bang, climbing to six-week highs around $27,500, but don’t let the highs fool you into thinking the coast is clear. Despite a 6% increase since last month, forecasters are eyeing a retracement towards $20,000. Does this sound familiar? It’s like watching a soap opera – just when you think the drama settles down, a plot twist hits.
The Analyst Predictions: Should We Brace for Impact?
Not everyone is convinced that Bitcoin will ride high throughout October. Market analyst CryptoBullet chimed in with skepticism, hinting that the latter half of the month might be more bearish than bullish. His analysis highlights a classic “head and shoulders” pattern forming, which typically signals a price reversal. In layman’s terms, if Bitcoin hits the right shoulder as expected, it could tumble. No one wants to hear it, but some may need to prepare for a possible plunge to the dreaded $20,000 mark.
Charting the Forecast
CryptoBullet shared a chart depicting the current squeeze of Bitcoin’s price action, warning traders to watch out for the formation of this bearish pattern. He stated, “The second half of October should be bearish; $19,000 to $21,000 is the target zone.
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