bullish

Bitcoin

The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> has triggered a fine recovery after it rebounded from the local lows below $60,000. This move was believed to escalate the levels beyond $66,000, which had been met before the previous day’s close. However, the price is yet to achieve the crucial resistance zone and till then, the fear of a pullback may haunt the rally. In such a scenario, here are the bullish and bearish scenarios that the market expects.&nbsp;  
One of the popular analysts, <a href="https://x.com/PeterLBrandt/status/1846002399674036571" target="_blank" rel="noopener noreferrer nofollow">Peter Brandt</a>, believes that the price has reached the pivotal resistance zone and is attempting to enter it. Therefore, these levels around $68,000 are currently very important to keep up the bullish trend.&nbsp;  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe5Fg13bUlC8rGvUX4cvHIbacj90RZXvOYnWbF9sd9S9ZA-7p1cp9_TEx9CdJLF3fdi4bL-Sd_c2AyGZMFG2ITEEG1DfnqA1U3SRC5RhNd5QHT4SBc99C-W5a_3lMxKrF7hi7ARnOziYWSnQlYmQWBf-YWG?key=WOULZ0bfz_LMGDVKhU4o3A" alt="">
</figure>  
The analyst believes that if the price breaches above the levels, then the supply may turn the prices sideways initially and trigger a pullback. This is because the token has closed above this zone multiple times and hence this zone may have turned highly liquid. Therefore, it suggests that the price is still prone to a massive plunge as the bulls are still trapped above $70,000 and only a strong 2021-like bull run may ease the bearish pressure within these levels.&nbsp;  
On the other hand, another analyst, ALI, continues to be bearish on Bitcoin and expects a buying opportunity below $60,000.&nbsp;  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/ali_charts/status/1845958125708275918
 </div>
</figure>  
The short-term price action suggests the price is stuck within a rising parallel channel and hence the bullish expectations are still alive. The upper target of $75,000 remains activated; before that, a buying opportunity below $60,000 may be expected.&nbsp;

Bitcoin Swept High & Began to Consolidate— Is it Bullish or Bearish for the BTC Price Rally?

CoinPedia News

Other articles published on Oct 15, 2024

Libertum Unveils £315,000 Tokenised Art Collection Featuring Renowned Mexican Artist Jacobo Roa

Chad Musk Solana Memecoin Will Surge 19,000% Ahead of Exchange Listings, As Shiba Inu and BONK Un...

Ajaib Kripto: Uptober! Harga Bitcoin Dapat Berlanjut ke US$68 Ribu

Visa Introduces Tokenized Asset Platform for Fiat-Backed Tokens

Crypto Experts Say Goodbye to Cardano and XRP - Hello to the Under-$0.0001 Meme Coin Aiming for 9...

Metaplanet Adds 106 Bitcoin to Reserves, Stock Triples in 2024 After Strategic Shift

Join our free newsletter for daily crypto updates!