There was a 4 percent decrease yesterday following Iran’s missile attack on Israel. Bitcoinhas since rebounded to $61,800 after falling to a two-week low of $60,300.
Has the bear market returned to investors after this decline? Will the rise continue? While looking for answers to questions such as, experienced analysts Peter Brandt and Willy WooLatest situation assessments came from .
Stating that the recent rise in Bitcoin did not break the downward trend we have seen for 7 months, that is, the series of low peaks and low bottoms, Brandt stated that the upward movements that have been continuing for approximately 2 years since the beginning of 2023 are still not confirmed.
Explaining the level that the bulls must regain in order to confirm the bull trend in Bitcoin, Brandt said, “A major uptrend will only begin if Bitcoin can close above $71,000.” he said.
“Bitcoin’s recent rally has not broken a 7-month long series of lower highs and lower lows.
Only if Bitcoin closes above the $71.0000 level and reaches a new ATH, the current downtrend will be broken and the ongoing rise since November 2022 will be confirmed.”
New ATH in Bitcoin Will Take Time!
Commenting under Brandt’s post, analyst Willy Woo stated that the expected rise in October will not happen. “I don’t think Uptober will happen.” he said.
Stating that Bitcoin is trying to move up, Woo stated that the BTC structure shows a downward trend in the medium term. At this point, the analyst stated that ATH will take time and said:
“The structure is in a downward trend in the medium term, but the price is trying to show an upward trend. ATH will take time.
In the short term, the structure suggests a 1-3 week pause to cool down before the next upward attempt.
I don’t think there will be ‘Uptober’. This month, November and December may be horizontal. But I expect an increase in the long term.”
Structure mid term is bearish moving to neutral and trying to get bullish. ATH will take time.
Short term structure suggests 1-3 wks stand down to cool off before the next bullish attempt.
I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties.
Long term…
— Willy Woo (@woonomic) October 2, 2024
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, Twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!