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<p>Bitcoin has recently experienced volatility, testing key support levels amid a mix of bearish sentiment and optimistic long-term outlooks. Veteran traders and analysts are offering varied perspectives on what comes next for the world’s largest cryptocurrency, as several key indicators signal possible outcomes.</p><h3 id="three-blind-mice-pattern-spells-trouble">Three Blind Mice Pattern Spells Trouble?</h3><p>Veteran trader Peter Brandt has spotted a &#34;<a href="https://x.com/PeterLBrandt/status/1841571128877449358" rel="noopener noreferrer nofollow">Three Blind Mice</a>&#34; pattern in Bitcoin&#39;s current price action. Brandt suggests this pattern, often seen as a continuation trend, may indicate that Bitcoin’s recent downturn could extend further. Similar patterns were observed by Brandt in late 2022, after which Bitcoin dropped significantly before surging again. This pattern now raises concerns that the current price of Bitcoin, around $60,000, could see a dip further into the $50,000 range.</p><p>Bitcoin’s price has already tumbled 7.1% over the last three days due to escalating <a href="https://icogemhunters.com/bitcoins-sudden-drop-will-it-sink-below-54k-amid-middle-east-crisis/" rel="noopener noreferrer nofollow">geopolitical tensions</a> in the Middle East, which have spooked global financial markets. This has resulted in increased market uncertainty, leading to the liquidation of $521 million worth of long and short positions.</p><h3 id="bullish-market-structure-still-intact">Bullish Market Structure Still Intact</h3><p>While the market reacts to geopolitical turmoil, several analysts maintain an optimistic outlook for Bitcoin’s market structure. Trader <a href="https://x.com/rektcapital/status/1841423643915506158" rel="noopener noreferrer nofollow">Rekt Capital</a> noted that Bitcoin has retested the $60,000 support level multiple times in recent months and remains within a bullish market structure despite the recent pullback. The support level at $60,000 is viewed as a psychological barrier, and holding above this point is critical for maintaining bullish momentum.</p><p>Rekt Capital&#39;s analysis aligns with other bullish indicators, such as the short-term holder spent output profit ratio (STH-SOPR). The metric, which tracks speculator behavior, suggests that the recent dip may offer a &#34;buy the dip&#34; opportunity for traders looking to accumulate at lower prices.</p><h3 id="expert-analyst-warns-of-final-major-dip">Expert Analyst Warns of Final Major Dip</h3><p>On the other hand, analyst <a href="https://x.com/cryptorecruitr/status/1841595301112496633" rel="noopener noreferrer nofollow">Dan Gambardello</a> has identified key indicators that suggest Bitcoin could be experiencing its last significant dip before a broader recovery. He points out Bitcoin’s ability to hold above its 50-day moving average, a key support zone. He also highlighted the importance of Bitcoin’s lower trend line in its falling wedge pattern, which could suggest a bullish reversal if Bitcoin holds at current levels.</p><p>Gambardello’s analysis is backed by oversold conditions on the RSI, suggesting that Bitcoin could be nearing a bottom. However, he warned that a dip into the Fibonacci support zone between $58,000 and $55,500 remains possible. A deeper correction to the $50,000 mark could also act as a final capitulation event, setting up the market for a potential bounce.</p><h3 id="bitcoin-etfs-see-significant-outflows-amid-uncertainty">Bitcoin ETFs See Significant Outflows Amid Uncertainty</h3><p>Further fueling the market’s uncertainty, U.S. spot Bitcoin ETFs saw over $240 million in <a href="https://cointelegraph.com/news/bitcoin-etfs-largest-outflow-in-nearly-month-iran-israel-conflict" rel="noopener noreferrer nofollow">outflows</a> on October 1. The sudden reversal in Bitcoin ETF inflows, following eight consecutive days of gains, underscores investors&#39; cautious sentiment. Fidelity’s Wise Origin Bitcoin Fund led the outflows, shedding $144.7 million. Geopolitical tensions, combined with concerns over the strength of the U.S. economy, have contributed to the broader pullback in the crypto market.</p><h3 id="what-s-next-for-bitcoin">What’s Next for Bitcoin?</h3><p>Despite short-term bearish indicators, long-term prospects for Bitcoin remain positive, especially with the upcoming Bitcoin halving in 2024. Historical data suggests that Bitcoin tends to perform well leading into and following halvings, and some analysts predict that Bitcoin could exceed $100,000 by the end of 2024.</p><p>For now, Bitcoin remains in a critical zone, with traders and analysts closely watching whether it will hold above $60,000 or face further downside toward $54,000 or even $50,000. The broader market sentiment will largely depend on external factors such as geopolitical developments and macroeconomic trends.</p><p></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/final-bitcoin-dip-coming-experts-weigh-in-on-key-indicators/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

Final Bitcoin Dip Coming? Experts Weigh In On Key Indicators

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