Rally

bullish

Bitcoin

<p>The global crypto market is <a href="https://coinpedia.org/news/crypto-crash-is-this-the-best-time-to-buy-bitcoin-and-altcoins/" rel="noopener noreferrer nofollow">facing heavy selling pressure</a>, driven by rising geopolitical tensions and large ETF outflows, just as many were expecting a bullish October. Bitcoin, in particular, has dropped over $5,000 from its recent high of $66,000. However, a key moment is approaching as a crypto analyst points to crucial support levels that could determine whether BTC will see a major breakout or Breakdown.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-bitcoin-price-to-drop-52k">Bitcoin Price To Drop $52k</h2>  
<p>Prominent crypto chart analyst Ali Martinez has recently pointed out a potential bearish pattern forming in Bitcoin's price movement, which could lead to a significant drop.&nbsp;</p>  
<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/1841625964222283916
 </div>
</figure>  
<p>According to Martinez, Bitcoin might fall as low as $52,000 if the current price action continues to follow the pattern of a descending parallel channel. This pattern, suggests that <a href="https://coinpedia.org/news/bitcoin-breaks-key-support-58000-next-target/" rel="noopener noreferrer nofollow">Bitcoin's price moves</a> within two downward-sloping parallel lines. Each time the price hits the upper line, it faces resistance and tends to drop toward the lower line, which acts as support.&nbsp;</p>  
<p>As long as the price stays within these boundaries, the asset tends to follow a bearish trend. However, if Bitcoin manages to break out of the channel, it could signal a bullish reversal, pushing the price upward instead.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-rally-towards-130k">Bitcoin Rally Towards $130K?</h2>  
<p>On the flip side, another crypto analyst Mags believes that Bitcoin could be on the verge of a significant price surge, potentially pushing its value to an impressive $130,000.&nbsp;</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/thescalpingpro/status/1841380095698849854
 </div>
</figure>  
<p>According to Mags, Bitcoin's price is in the process of forming the right shoulder, which could push it to rally soon. This rally could send Bitcoin's price toward the $130,000 mark if the pattern is completed successfully.&nbsp;</p>  
<p>If Bitcoin follows the trajectory suggested by the inverse H&amp;S pattern, this could be a significant moment for the cryptocurrency, given that Bitcoin has struggled to gain strong upward momentum recently.</p>

Bitcoin at Crossroads: Will It Crash to $52K or Surge to $130K? Analyst Weighs In

Table of Contents

CoinPedia News

Other articles published on Oct 3, 2024

Best Altcoins to Buy on The Dip – Which Cryptos Will Skyrocket in October?

Metaplanet Sells 233 BTC Put Options, Earning 23.97 BTC in Premiums

Binance Labs' New Investment: What is Hemi Network?

BTC May Face Decline as Peter Brandt Spots "Three Blind Mice" Pattern

This Altcoin Is Unstoppable! Partnered with a Giant US Company Yesterday, Expanding to the Japane...

Aptos Ecosystem Receives Major Backing with New Fund from Top Venture Firms

Join our free newsletter for daily crypto updates!