As a seasoned crypto investor with battle scars from the 2017 bull run and the 2018 bear market, I can’t help but feel a mix of excitement and apprehension as I watch Bitcoin dance around the $65K mark. The technicals suggest a short-term correction, but the long-term outlook remains bullish, which is a familiar rollercoaster ride we’ve all been on before.
The price of Bitcoin seems uncertain as it nears $65,000. During Wednesday’s trading, Bitcoin dipped by around $1,000. Despite this minor setback, some prominent altcoins have surged more than 10% in the final hours of trading in New York. However, the immediate future for Bitcoin appears slightly pessimistic.
Bitcoin Price Faces Overhead Pressure at $65K
On Tuesday, Bitcoin surged by 3%, reaching a daily peak of $64,688, sparking optimism among investors who anticipate a reattempt to breach the significant resistance level at $65,000. However, today’s price movement exceeded yesterday’s high but couldn’t maintain its bullish trajectory, resulting in a temporary pullback. If Bitcoin is unable to surpass the $65K barrier and transform it into a support level, there could be a sharp downturn in its price towards the potential resistance turned support zones at $62,350 and $61,555.
So, yes, a short-term correction is brewing for BTC from a technical perspective.
Crypto analyst RektProof shares a similar perspective on Bitcoin as expressed in his Telegram channel. He notes that the recent touch of highs displayed a bearish trend, but since no significant selling activity followed, it’s likely the overall long-term view remains positive. Nevertheless, he cautions about potential short-term corrections following the high sweep on Monday, suggesting possible price adjustments in the near future.
Bitcoin Remains Bullish Long-term
Elja Boom presents his extended perspective on Bitcoin using a weekly graph. This analyst believes that we’ve entered a parabolic stage, which could potentially push Bitcoin prices upwards over the next four months.
According to Elja Boom’s assessment, this current upward trend of Bitcoin, which appears almost vertical, could persist for approximately 500 days. If this holds true, the peak of the next Bitcoin cycle would occur around late August 2025.
BTC Fundamentals Strengthen After SEC Approves Options Trading
Following the approval of the Bitcoin ETF, the U.S. Securities and Exchange Commission (SEC) has recently given the go-ahead for an ETF, which occurred on September 20th. However, when it comes to a similar decision regarding Ethereum, the regulator has shown some hesitation. Despite this, the overall sentiment for Bitcoin’s price remains optimistic, as both technical and fundamental factors remain robust. For Bitcoin to achieve this, it needs to surpass the resistance at $65K and transform that level into a support base. This bullish prediction for Bitcoin’s price could potentially propel it towards $70K, even reaching close to its all-time high (ATH).
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2024-09-25 16:23