Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Should We Brace for a Bitcoin Pullback or a Bullish Breakout?

Should We Brace for a Bitcoin Pullback or a Bullish Breakout?

CryptodnesCryptodnes2024/10/20 09:27
By:Cryptodnes

Bitcoin’s recent rally has captured the attention of both bullish and cautious analysts, sparking a range of predictions about its next move.

Crypto analyst Justin Bennett, for instance, highlighted some key technical patterns that could influence Bitcoin’s trajectory, suggesting a possible retrace to around $63,000.

He pointed to a potential rising wedge and bearish divergence, warning that leveraged traders might be at risk.

He also mentioned that the rally was mainly fueled by the perpetual market, which may not provide the foundation for a lasting breakout, especially with open interest nearing previous highs.

READ MORE:
Crypto Expert Predicts Bitcoin Could Soar Above $100,000 – Here is Why

CrediBULL Crypto echoed these concerns, pointing out that open interest has surpassed levels seen before Bitcoin’s earlier drop from $70,000 to $49,000, hinting at a potential correction down to $50,000 before pushing past $73,000.

Open interest has officially surpassed the level it was at before the last drop from 70k to 49k. $BTC pic.twitter.com/BklNneNf3O

— CrediBULL Crypto (@CredibleCrypto) October 18, 2024

Still, some experts maintain a more optimistic outlook. Matt Hougan expects Bitcoin to reach a new all-time high before the U.S. election, while CryptoCon predicts a major bull run that could drive Bitcoin up to $120,000 next year. Jamie Coutts of Real Vision also sees Bitcoin hitting $110,000 by mid-2025 as global liquidity rises.

Some people are waiting for 40k or a recession to strike, but I am waiting for the #Bitcoin bull run, which is coming soon.

The bull run means new ATHs and a year of great price action for all crypto.

The Price Oscillator confirms we have completed all of the local highs of the… pic.twitter.com/eL9DOkvdfE

— CryptoCon (@CryptoCon_) October 18, 2024

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!