Bitcoin recently brushed past the $26.9K mark, a significant tap into the monthly open.If Bitcoin loses its current position, the importance of the daily open will become clear, as many in the community predict it could approach the range’s lower limits. Interestingly, with the stock markets showing a positive trajectory at their opening today, there’s hope that such buoyancy could bolster Bitcoin’s stance.
Daan Crypto Trades, a Crypto Trader & Investor, notes that Bitcoin recently touched the $26.9K mark and the monthly open. He suggests that a strong stock market opening today could provide the necessary support; otherwise, BTC might drift to the range’s lower boundaries.
#Bitcoin Swept the $26.9K level and tapped the monthly open.
— Daan Crypto Trades (@DaanCrypto) October 13, 2023
If the daily open is lost I think we test the range lows.
Stocks opening strong today so maybe that helps BTC hold up. https://t.co/A2rGcHjcGp pic.twitter.com/bvaHabC0o8
In an intriguing statistic reflecting the crypto community’s faith, long-term BTC holders, those holding for a year or more, currently own approximately 69% of the supply. This notable majority suggests a collective belief in Bitcoin’s enduring value and potential for growth.
Bitcoin has experienced a tumultuous ride throughout this year. Bursting into 2023, it vaulted beyond $20,000, registering a remarkable 90% growth in merely four months. However, the soaring momentum encountered turbulence, with macroeconomic shifts and regulatory obstacles curbing an expected bull rally. With Bitcoin presently trading at $26,789.60 , up 64% this year, the speculations are rife about its subsequent moves.
Among those forecasting Bitcoin’s trajectory is Mags, a renowned cryptocurrency trader. Analyzing an inverted Head and Shoulders pattern, he projects Bitcoin’s ascent to an ambitious $70,000. According to him, the cryptocurrency’s price is flirting with a crucial neckline, hinting at an upcoming bullish trend.
#Bitcoin is going to $70,000 ??
— Mags (@thescalpingpro) October 13, 2023
BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline
The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com/owLPorGK5j
But Mags’ analysis isn’t without its critics. Sergey Stolyarov a Technical Analysis presents a contrarian view, arguing that such patterns could be found and interpreted in various ways, hence questioning its reliability.
On the other side, Resham Singh, a known entity in the Bitcoin space, commends Mags’ perspective. He suggests that reaching such a forecasted price would be a defining moment for the cryptocurrency.
As 2024 draws near, the anticipated Bitcoin halving event is on everyone’s radar. Historically a catalyst for price growth, this event adds another layer of complexity to the price predictions. As the debate rages on, one thing is clear: 2024 might set the tone for Bitcoin’s future.
