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Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next

NewsBTC LogoNewsBTC4d ago

Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next - NewsBTC

Quick Summary:

He noted that the flagship crypto was showing promising signs so far, having already produced a wick below the $66,200 price level and returned above it.  Related Reading: Brace For Impact: Court Orders Massive LUNC Burn As Part Of $4.5 Billion Settlement For Terraform Labs His accompanying chart showed that the Bitcoin price drop below $66,200 before the weekly close could lead to further breakdown below the $60,000 support level.  Meanwhile, bear analyst CrediBULL Crypto predicted that the Bitcoin price could retest the $68,000 range to "bait in some final longs” before it suffers a "rug pull” to the $60,000 support level.

The analyst claimed that if the Bitcoin price holds this support, investors can expect a "heavy pump”, which could lead to a new all-time high (ATH).  Related Reading: Analyst Says Dogecoin Price Looks Ready’, Predicts 5,202% Surge However, if the Bitcoin price fails to hold the $65,000 bullish channel, such a breakout to the downside would lead to a free fall to the $60,000 support level.

He further mentioned what market participants should expect if the flagship crypto holds above or breaks below this bullish channel.  Bitcoin Price Retesting $65,000 And What Could Come Next MMBT Trader mentioned in a TradingView post that the $65,000 support zone is now the major daily support, and market participants can expect a valid retest of the channel breakout.


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Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next - NewsBTC (Picture 1)Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next - NewsBTC (Picture 2)Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next - NewsBTC (Picture 3)

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-24 @ 13:00:10 (4 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 454 words

Reading Time: 3 minutes read

Sentences: 64 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 23225307

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Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 7 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 9 hours ago

Coverage Areas: United Kingdom

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Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #102

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