Analyst suggests Bitcoin's path to $74K may take longer
Bitcoin's (CRYPTO:BTC) chart is showing signs that a retest of its all-time high of $73,679 could take longer than some expect, according to crypto analyst Willy Woo.
In a post on October 2, Woo explained that Bitcoin's mid-term structure is currently "moving to neutral" and that breaking into bullish territory will take time.
He added, "ATH will take time."
The analyst further mentioned that the short-term structure could result in a cooling-off period for the next one to three weeks before Bitcoin makes its "next bullish attempt."
Woo stated that this could mean "no Uptober, but a sideways October, with bullish action expected in November and December."
The market sentiment also shifted, as the Crypto Fear & Greed Index fell into "Fear" territory with a score of 42 after being in "Greed" the previous week.
The decline came after geopolitical tensions in the Middle East, with a major missile strike by Iran targeting sites across Israel.
The resulting uncertainty contributed to Bitcoin's almost 4% drop in the past week, rattling traders and causing liquidations of $128.49 million in long positions.
Veteran trader Peter Brandt commented that despite the recent surge of 25% to $66,331 on September 27, the trend of lower highs and lower lows remains intact.
He emphasized that only a close above $71,000 would confirm a stronger bullish trend.
According to these analyses, Bitcoin’s journey to $74,000 will require patience, and traders should brace for potential pullbacks before a stronger rally emerges in the coming months.
At the time of writing, the Bitcoin price was $61,008.33.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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