bullish

Bitcoin

when

Bitcoin’s chart structure is still struggling to break into bullish territory, and a retest of its $73,679 all-time high might take longer than the optimists hope, according to some crypto analysts.
“Structure mid-term is bearish, moving to neutral and trying to get bullish. ATH will take time,” popular Bitcoin analyst Willy Woo opined in an Oct. 2 X <a data-ct-non-breakable="null" href="https://x.com/woonomic/status/1841287636805439788" rel="null" target="null" text="null" title="null">post</a>.
<h2 id="bitcoin-s-next-attempt-may-take-another-3-weeks">Bitcoin’s next attempt may take another 3 weeks</h2>
He said the short-term structure of Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) signals that the next one-to-three weeks <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-signs-bitcoin-s-q3-close-bullish" rel="" target="_self" text="null" title="https://cointelegraph.com/news/3-signs-bitcoin-s-q3-close-bullish">may be a cooling-off period</a> before “the next bullish attempt.”
“I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties,” Willy Woo wrote. “Long-term is bullish.”
According to TradingView <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/symbols/BTCUSD/">data</a>, Bitcoin’s price was $61,243 at the time of publication, down 3.98% since Oct. 1.&nbsp;
<figure>
 <img alt="Bitcoin breaking $74K will 'take time' as BTC structure 'moving to neutral' — Analyst" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01924cfb-42a6-7a1b-952d-01b17d29c92f">
 <figcaption style="text-align: center;">
 Bitcoin is down 4.72% over the past seven days. Source: TradingView
 </figcaption>
</figure>
The asset’s price declined following a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-largest-outflow-in-nearly-month-iran-israel-conflict#:~:text=The%20outflow%20reversed%20an%20eight,consecutive%20inflows%20totaling%20%241.4%20billion.&amp;text=Institutional%20investors%20appear%20to%20have,almost%20%24243%20million%20in%20outflows." rel="null" target="null" text="null" title="null">major missile strike by Iran, reportedly targeting</a> sites across Israel late on Oct. 1.&nbsp;
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-traders-54k-btc-price-lower-middle-east-tensions" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-traders-54k-btc-price-lower-middle-east-tensions">Israel’s air defenses</a> shot down most of the 180 incoming missiles, according to local reports.
Meanwhile, the Crypto Fear &amp; Greed&nbsp;<a data-ct-non-breakable="null" href="https://alternative.me/crypto/fear-and-greed-index/" rel="null" target="null" text="null" title="null">Index</a> dropped eight points into “Fear” territory with a score of 42, after being in “Greed” just seven days prior.
<h2 id="bitcoin-60k-drawdowns-rattle-traders">Bitcoin $60K drawdowns rattle traders</h2>
Crypto trader Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1841423643915506158" rel="null" target="null" text="null" title="null">pointed</a> out that while Bitcoin has dropped into the “low $60,000s” multiple times in 2024, “people become equally fearful on a pullback and for a different reason every time.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/quantile-regression-275k-bitcoin-price-november-2025" rel="null" target="null" text="null" title="null">‘Quantile Regression' Bitcoin price model hints at $275K BTC by November 2025</a>
Bitcoin’s almost 4% pullback triggered liquidations of around $128.49 million in long positions, the latest <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="Bitcoin breaking $74K will 'take time' as BTC structure 'moving to neutral' — Analyst" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01924cfc-5d7d-7c25-9dd7-7bb6d18e37e6">
 <figcaption style="text-align: center;">
 $128.49M in Bitcoin long positions liquidated in the past 24 hours. Source: CoinGlass
 </figcaption>
</figure>
This comes after Bitcoin surged 25% over 21 days, hitting $66,331 on Sept. 27, before consolidating and retracing toward $60,000 in the following four days.
Still, veteran trader Peter Brandt said that the recent Bitcoin rally “did not disturb the 7-month sequence of lower highs and lower lows.”
“Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,” Brandt <a data-ct-non-breakable="null" href="https://x.com/PeterLBrandt/status/1841270939901911145" rel="null" target="null" text="null" title="https://x.com/PeterLBrandt/status/1841270939901911145">wrote</a> in a post on X.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="null" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin breaking $74K will 'take time' as BTC structure 'moving to neutral' — Analyst

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