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<p>Bitcoin’s (BTC) price is cooling off after a spectacular rally to $69,000 last week, with analysts predicting more downward movement before a potential rebound. The leading cryptocurrency is down 4% for the week, encountering resistance as short-term sentiment turns bearish due to a bearish engulfing pattern seen in the charts. However, analysts are pointing to several key support levels that could serve as recovery zones for BTC before the next leg up.</p><h3 id="bitcoin-s-fractal-and-potential-for-bullish-reversal">Bitcoin’s ‘Fractal’ and Potential for Bullish Reversal</h3><p>A potential bullish reversal for Bitcoin may arise if the current price action mirrors a fractal from Bitcoin’s rally in Q3. Back in late July, Bitcoin similarly corrected from the $68,000-$70,000 range before bottoming out and resuming its uptrend. Currently, the price action is reflecting this fractal, with an immediate support zone forming between $63,200 and $66,000.</p><p>Analysts, including futures trader<a href="https://x.com/satoshiflipper" rel="noopener noreferrer nofollow"> Satoshi Flipper</a>, have noted strong support between $66,000 and $64,000, suggesting that Bitcoin’s present price levels could represent a &#34;beautiful buying opportunity&#34; ahead of the US election results in November.</p><h3 id="fibonacci-s-golden-zone-a-healthy-pullback">Fibonacci’s Golden Zone: A Healthy Pullback</h3><p>From a technical standpoint, Bitcoin remains in a strong uptrend, marked by a series of higher highs and higher lows. The next support zone, widely regarded as the &#34;golden zone&#34; of Fibonacci retracement, is set between $62,000 and $63,900. If Bitcoin drops into this range, it could signal a healthy pullback that allows BTC to form a higher low before resuming its uptrend.</p><p>BTC researcher Axel Adler Jr. has echoed these sentiments, warning of a “<a href="https://x.com/AxelAdlerJr/status/1849014292395229328" rel="noopener noreferrer nofollow">high risk of long liquidations</a>” down to the $64,000 level. This aligns with broader expectations of a corrective move, which could provide an attractive entry point for long-term investors.</p><h3 id="etf-outflows-signal-short-term-weakness">ETF Outflows Signal Short-Term Weakness</h3><p>In tandem with technical factors, Bitcoin is facing headwinds from institutional investors, with <a href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow">US Bitcoin ETFs</a> experiencing $79 million in outflows on October 22. Despite a record $2.6 billion inflows earlier this month, the recent cooling suggests that institutions may be taking a breather, contributing to the price’s failure to break above $70,000.</p><h3 id="miners-pivot-to-ai-for-additional-revenue">Miners Pivot to AI for Additional Revenue</h3><p>Looking beyond short-term price action, Bitcoin miners are adapting to the reduced mining rewards following the network’s halving event in April 2024. The reduction from 6.25 BTC to 3.125 BTC per block has forced miners to explore new revenue streams, with AI-powered computational power becoming an emerging opportunity. According to Nick Hansen, CEO of mining firm <a href="https://luxor.tech/" rel="noopener noreferrer nofollow">Luxor</a>, AI-related tasks could yield miners up to $3 per kilowatt-hour (kWh), compared to the $0.15-$0.20 generated by Bitcoin mining.</p><p>Miners such as Riot, ClearSpark, and Marathon are expected to consolidate the industry, benefiting from this diversification. AI demand could become a significant secondary source of revenue for the mining sector, helping miners remain profitable amid fluctuating Bitcoin prices.</p><h3 id="a-correction-before-the-next-rally">A Correction Before the Next Rally?</h3><p>While Bitcoin’s short-term outlook suggests a potential correction toward the $62,000-$64,000 range, analysts remain bullish on its long-term trajectory. Key support levels, combined with institutional interest and innovations in mining, provide a strong foundation for a potential recovery. The market will be watching closely as BTC consolidates before possibly making another run toward its all-time high.</p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p></p><p><em>Source: </em><a href="https://icogemhunters.com/bitcoin-dips-below-67k-is-a-crash-to-60k-coming/" rel="noopener noreferrer nofollow">ICOGemHunters</a></p>

Bitcoin Dips Below $67K—Is a Crash to $60K Coming?

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