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Bitcoin Slips Amid Israel-Iran ConflictBitcoin ( CRYPTOCAP:BTC ) faced a sharp drop on Tuesday as geopolitical tensions between Israel and Iran escalated, triggering a significant sell-off across the cryptocurrency market. Investors, seeking refuge in safer assets, moved towards bonds, gold, oil, and the US Dollar, leaving Bitcoin and altcoins under heavy selling pressure. Despite historically strong performance in October, this sudden market disruption has put the cryptocurrency’s best month under early threat. Geopolitical Tensions Cause Sharp Sell-off The price of Bitcoin ( CRYPTOCAP:BTC ) fell by 3.16%, reaching $61,715 levels. Altcoins, including Ethereum, suffered even more, plunging between 5-10% as the war tension escalated following Iran’s launch of over 200 ballistic missiles on Israel. Bitcoin ( CRYPTOCAP:BTC ), which historically has seen an average gain of 25.81% in October, is now struggling to maintain its bullish seasonal trend, dropping by 4% in the first two days of the month. Sean McNulty, director of trading at Arbelos Markets, described the drop as a "momentary setback," stating that October's favorable trends for Bitcoin are "alive and well." However, the broader market is expected to stay on edge as Israel's Prime Minister Benjamin Netanyahu promises retaliation. Adding to the pressure, Bitcoin ETF outflows surged to $242 million, breaking an eight-day streak of inflows. Technical Analysis: Key Levels to Watch From a technical standpoint, Bitcoin ( CRYPTOCAP:BTC ) appears weak but is beginning to show signs of recovery. After testing the critical $60,000 support level, CRYPTOCAP:BTC has rebounded 0.75% in Wednesday’s market session, trading at $61,715. The Relative Strength Index (RSI) currently stands at 47.49, reflecting neutral conditions but indicating a slight bearish tendency. Bitcoin’s recent recovery, however, may be short-lived if geopolitical instability persists. The critical $65,000 resistance level remains a barrier to any significant upward movement, and a failure to break through could see Bitcoin revisiting $57,000, as some analysts predict. Prominent analyst Benjamin Cowen highlighted that Bitcoin’s historical behavior post-Fed rate cuts could lead to a larger correction. If the pattern holds, the cryptocurrency could drop further before resuming its upward trajectory, targeting a potential low of $50,000 by mid-November. Safe Haven Shift & Mining Pressure The conflict in the Middle East has driven investors to flock to safe-haven assets, causing a temporary withdrawal from riskier assets like Bitcoin. The flight to safety has boosted the US Dollar, bonds, oil, and gold, while applying downward pressure on the broader crypto market. Additionally, a report by JPMorgan highlighted declining revenues among Bitcoin mining companies, with September seeing the lowest levels recorded in recent months. This drop in miner profitability could trigger another wave of selling pressure if the mining sector experiences further capitulation, exacerbating the downward trend in Bitcoin’s price. Despite the current challenges, analysts remain cautiously optimistic. McNulty and others believe that as tensions in the Middle East cool down, Bitcoin’s historical performance in October could lead to a rally that pushes the cryptocurrency back towards its all-time high (ATH) of $73,000. Historical Trends & Future Projections: Uptober Rally in Jeopardy? Bitcoin ( CRYPTOCAP:BTC ) has enjoyed an average 25.81% gain in October when preceded by a green September. In line with this, data from BTC Archive suggests Bitcoin could surge to as high as $80,500 this month, as the crypto has consistently posted green candles in the last three months of the year. Similarly, trading firm QCP Capital noted that Bitcoin has seen a 22.9% gain in eight out of the last nine Octobers. If this trend continues, BTC could rise to $78,000 or higher. However, for this to happen, Bitcoin will need to clear crucial resistance levels and weather any additional shocks from ongoing geopolitical conflicts. Analysts have also pointed out that spot Bitcoin ETF inflows remain strong, and perp funding rates are approaching levels reminiscent of the early 2023 bull run. If these inflows persist, Bitcoin could see the support needed to break through to new highs before the year ends. Conclusion While Bitcoin ( CRYPTOCAP:BTC ) has the potential to rally to new highs this month, the path will be far from straightforward. The Israel-Iran conflict, coupled with macroeconomic factors such as the US PMI data and Fed rate cuts, could create further volatility in the market. Still, Bitcoin's technical and fundamental strength may help it weather the storm and rebound toward its ATH as the year progresses. At the time of writing, Bitcoin ( CRYPTOCAP:BTC ) is trading at $61,715, up 0.73%, with momentum beginning to build for a potential rebound if market conditions stabilize. However, investors should remain cautious, as further geopolitical shocks could lead to more downward pressure in the short term.
Long
by DEXWireNews
2
Bitcoin Market Outlook Elliot Wave Theory (W40/2024) // AlgoFyre🔶 Short-Term Outlook (Next Few Weeks to Months) - Bullish Scenario 🟢 In the bullish case, Bitcoin is currently in the third wave of an Elliot Wave structure, which typically signals a strong upward movement. Over the next few weeks, this wave could drive Bitcoin’s price to targets between $120k and $140k, based on Fibonacci extensions. 🟢 For this scenario to play out, Bitcoin needs to break through key resistance levels and trendlines. If it does, we could see a significant and rapid rally toward the projected price targets. 🟢 In this scenario, even if Bitcoin encounters minor pullbacks or consolidations, the overall momentum would remain upward. Any brief corrections would likely be seen as opportunities for further upward moves, with Bitcoin maintaining its bullish structure. 🔶 Short-Term Outlook (Next Few Weeks to Months) - Bearish Scenario 🔴 In the bearish scenario, Bitcoin could fail to break the critical resistance levels and trendlines. If Bitcoin shows weakness or rejects off these key areas, we may see a period of consolidation or a pullback instead of a rally. 🔴 In this case, Bitcoin could begin to test lower support levels, which might result in a short-term correction. If the support holds, Bitcoin could continue to range-bound between key levels, but if it breaks down, the price could head lower before finding new support. 🔴 A short-term correction could see Bitcoin retest previous lows or critical support areas. While this wouldn’t necessarily lead to a long-term bearish trend, it would delay the upward movement for the coming weeks. 🔶 Key Takeaway In the bullish scenario, Bitcoin could rally to $120k to $140k over the next few weeks to months if it breaks key resistance levels. In the bearish scenario, failure to break resistance could lead to a consolidation or short-term pullback as the price tests lower support levels before making any significant upward moves. The next few weeks will be crucial in determining whether Bitcoin follows through on its bullish momentum or takes a step back.
COINBASE:BTCUSD
by AlgoFyre
Bitcoin (BTC/USDT) 4h timeframe TA+Trade plan by BFDescending Broadening Wedge Pattern Description: This is a bullish reversal pattern. As shown, the price of Bitcoin is testing the support line of the wedge, which typically suggests that a breakout to the upside might occur after the completion of the pattern. Potential Breakout: The chart indicates a potential breakout above the upper boundary (resistance line) of the wedge, possibly signaling the beginning of an upward move. Key Support and Resistance Levels Support Levels: 60,301.68 USDT: This is a near-term support zone where price could find buyers if it revisits these levels. 53,988.89 USDT: A deeper support level shown on the chart, which might come into play if Bitcoin faces a significant sell-off. Resistance Levels: 64,591.15 USDT: A strong resistance zone that Bitcoin would need to surpass for a sustained upward move. 68,556.87 USDT: A higher resistance level that could become the target in the case of a breakout. Indicators Analysis VMC Cipher B Divergences: It appears to show divergence. A green dot below indicates potential bullish divergence, suggesting price may increase soon. RSI (Relative Strength Index): The RSI is at 31.48, which indicates oversold conditions. This level usually implies that the asset is undervalued, signaling a potential buying opportunity. Stochastic Oscillator: The stochastic reading is at 23.61 (blue line) and 20.43 (red line), indicating oversold conditions as well. This adds further strength to the bullish argument, aligning with the RSI's signals. HMA (Hull Moving Average): The HMA histogram shows green bars, suggesting a bullish trend might be forming or momentum is starting to shift to the upside. Trading Plan Long Position Setup Entry: A breakout above the resistance line of the descending broadening wedge would be the ideal entry signal. You may consider entering around 61,750–62,000 USDT. Take Profit: First take-profit target could be around 64,591 USDT (resistance zone). If momentum is strong, a secondary target can be set around 68,556 USDT. Stop Loss: Place a stop loss just below the recent low at 60,000 USDT, as a break below this level would invalidate the bullish wedge pattern and signal further downside. Alternative (Cautious) Approach Wait for confirmation of a breakout with a strong candle close above the wedge's resistance line, paired with bullish indicators on lower timeframes (e.g., 1-hour chart). Risk Management: Risk no more than 1-2% of your portfolio on this trade, adjusting position size accordingly. Final Considerations Monitor for any false breakouts as Bitcoin could retest the wedge's resistance line before confirming the breakout. Keep an eye on volume; a breakout with strong volume increases the likelihood of the wedge pattern playing out successfully.
Long
by elfabiiani
ETHUSDT Near Resistance - Expecting a Downward CorrectionETHUSDT is currently testing a descending trendline, which has acted as resistance in previous instances, as shown by the two prior rejections marked by red arrows. The price is hovering near $2,650, with a potential move towards $2,740 if short-term bullish momentum continues. However, based on the chart pattern and market behavior, there is a high likelihood of rejection near the $2,800 mark, leading to a bearish correction. The projected scenario suggests that if ETH is rejected from the trendline, it may revisit the support zone around $2,300 - $2,200. The market remains cautious as traders await key macroeconomic data that could influence risk assets, including crypto. This trend aligns with the broader market's volatility and concerns around interest rates and global economic uncertainty. In summary, ETHUSDT could see a short-term increase before likely encountering strong resistance, prompting a downward move towards the support range. Traders should be alert to price action near the $2,800 level for possible trend reversals.
by Suyouu
BITCOIN - must happen to see new ATHAs I told you in my previous analysis of Bitcoin, it is a triple bottom and it will rise and it is the end of bear market, while the majority expected its decline to continue from 57k to 40k levels. Check out my analysis and drawing the chart attached below and you will see for yourself that what I say is true... remmember i see what others don't Now I tell you! Bitcoin is going to reclaim the 200MA the last time Bitcoin tried this was in august 2024 but it ended up being a fakout leading dumpto 52.5k now it's trying to reclaim the 200MA again and if it can hold this level we could be looking for a massive breakout a head this analysis will be constantly updated , so follow us to receive all news updates Best regards Ceciliones🎯
Long
by ceciliones
2
BTC & Crypto Market Forecast. 4 Yr Cycle Top and Elliot WavesIn this video, I've pulled up an old chart from 2022 I've had on my desktop (not my original chart) that shows potential Waves 3-5 for Bitcion and the 4 year cycle high time targets. In my new chart, I've re-created this showing that we're ahead of schedule from the dark study, and the 4 year past cycle time targets for reaching ATH around 539 days after the halving. But as we know, we hit ATH's this cycle already BEFORE the halving, so it's unclear how that's going to affect the next phase. It would certainly make sense, that everybody (Big money, smart money and even us dumb money retail traders) will be looking to 'go all in' early... But also to GET OUT early. Remember, it's a game of musical chairs.. and the music is speeding up. For these reasons, and other global economic and political influences... I think we could STILL see a left-translated cycle and a parabolic bull rally going into Dec of this year... Unsure if that would be THE Top, but I'd be looking for some profit taking and correction there, which most likely WILL LOOK like the top. But may not actually be. We may still see the 4 year cycle play out, and continue to push higher until October '25 as the original study suggests (539 days post-halving). On the one hand, some are suggesting a deflationary market bust in early 2025 for both the stock market and Bitcoin / crypto. We'll have to wait and see. But it does look like we're experiencing the Wave 4 pullback, and poised to beging the final Wave 5 phase of the bull-run. What do you think? Would appreciate any likes, comments, or compliments below. Cheer always welcome! To the moon 🚀
BITSTAMP:BTCUSDShort
by BrettFogle
UPTOBER HERE WE COME!Dear Traders and CryptoLovers! October is here, and that means one thing—Uptober! Historically, October has been a bullish month for crypto, and with signs of a Bullish Harami forming, we could be gearing up for a potential reversal in the market. The pattern we're watching suggests a possible shift from the recent downtrend. The key here is the smaller second candle closing within the first, signalling the bulls might be stepping back in. While the start of the month could be choppy, the confirmation of this pattern by the October monthly close could be the push needed for a strong rally ahead. Bullish Harami: a bullish reversal pattern (which occurs after a downtrend). When it appears in a downtrend, it is a bullish signal. Recognition Criteria To identify a general Harami pattern, look for the following criteria: There is a prevailing trend, whether it’s an uptrend or a downtrend. The first candle must continue in the direction of the current trend. It will be the same colour as the current trend and have a long body. The second candle must be contained within the first candle’s body (so it opens and closes within the first candle's body). It can be either colour, and it will have a smaller body. Only the body needs to be contained within the first candle; the wicks are irrelevant. The next candle confirms this pattern (this is the October monthly close) If you have any questions, please reach out!
BITFINEX:BTCUSDLong
by LisaNEdwards
2
Bitcoin Price Outlook: Is a Bitcoin Rally Imminent?As the financial world closely watches the signals from Jerome Powell, Chair of the U.S. Federal Reserve, optimism is rising around Bitcoin's potential next rally. Powell's confidence in cooling inflation and the U.S. economy’s strength has caught the attention of Bitcoin enthusiasts, especially as monetary easing could work in favor of the flagship cryptocurrency. But is Bitcoin set for a breakout, or are there hurdles in the way? Jerome Powell’s Inflation Confidence & Potential Impact on Bitcoin ( CRYPTOCAP:BTC ) At the 66th NABE annual meeting, Jerome Powell reaffirmed the Federal Reserve's ability to bring inflation down to the 2% target. He expressed optimism about the labor market's stability and the U.S. economy's resilience despite a cooling job market. Powell’s statement carries weight, as any dovish shift in Fed policy could significantly influence risk-on assets like Bitcoin. Powell hinted that any further rate cuts would hinge on incoming inflation data, aligning with the Fed’s cautious approach. Despite the uncertainty of immediate cuts, the notion that inflation is under control sparks hope for Bitcoin, as a lower interest rate environment could drive liquidity into the market, benefiting assets like BTC. Further dovish movements or interest rate cuts could fuel a renewed wave of institutional and retail interest in Bitcoin. Bitcoin's Bullish Fundamentals & Historic Patterns Bitcoin’s long-term bullish sentiment remains intact, especially as it heads into the fourth quarter. Historically, Q4 has been one of Bitcoin’s most profitable periods. For instance, CRYPTOCAP:BTC is poised for a positive close for September, and historically, whenever Bitcoin ends September in green, it follows with strong performances in October, November, and December. More than just seasonality, Bitcoin’s fundamental outlook is supported by the global macro environment. With central banks in major economies like China adopting monetary easing policies, Bitcoin, being a risk-on asset, is expected to benefit from global liquidity. Market analysts from QCP Capital have predicted that such policies will boost Bitcoin, aligning with the narrative of Bitcoin as a hedge against inflation and traditional finance’s uncertainties. Technical Analysis: Bitcoin’s Resistance and Momentum On the technical side, Bitcoin ( CRYPTOCAP:BTC ) is currently trading between $61,000 and $65,000, showing a consolidation pattern. This range has become a key pivot point for BTC, with the $63,000 level acting as a significant resistance barrier. At the time of writing, Bitcoin ( CRYPTOCAP:BTC ) is down 3.15%, continuing its oscillation within this range. Despite this dip, the Relative Strength Index (RSI) sits at 56, signaling that Bitcoin ( CRYPTOCAP:BTC ) still holds bullish momentum and is not yet overbought. Technical analysts have pointed to $70,000 as the key resistance level Bitcoin ( CRYPTOCAP:BTC ) needs to break through to confirm the next leg of its bull run. Should CRYPTOCAP:BTC reclaim this level, it could set the stage for new all-time highs, as predicted by analysts like Markus Thielen, who expects Bitcoin ( CRYPTOCAP:BTC ) to surge past $70,000 by late October. The next few weeks could be pivotal for CRYPTOCAP:BTC as it heads toward a monthly close. Historically, Bitcoin only posts negative returns in October twice, reinforcing the optimism that Bitcoin could close the year on a high note, pushing to new heights. Factors to Watch: U.S. Elections & Regulatory Landscape While the technical and fundamental outlooks remain bullish, Bitcoin’s future will also be influenced by external factors. The upcoming U.S. presidential elections could serve as a major catalyst. Both parties have expressed openness toward Bitcoin ( CRYPTOCAP:BTC ), with discussions about potentially making Bitcoin ( CRYPTOCAP:BTC ) a legal tender in the U.S. This, if it materializes, would create a massive wave of institutional adoption, further cementing Bitcoin’s position as a mainstream asset. However, regulatory uncertainties continue to hang over the cryptocurrency market. Global regulatory bodies are increasing scrutiny on digital assets, and Bitcoin’s future could hinge on how these regulatory frameworks evolve. Additionally, global adoption rates and market sentiment around decentralized finance (DeFi) will play crucial roles in shaping Bitcoin’s next moves. Conclusion While short-term volatility and regulatory hurdles remain, Bitcoin’s long-term outlook is strongly bullish. Jerome Powell’s optimism around cooling inflation and potential rate cuts are supportive macro conditions for CRYPTOCAP:BTC , while historical performance and technical indicators point toward a potential rally in the coming months. As Bitcoin ( CRYPTOCAP:BTC ) moves into the final quarter of 2024, eyes will be on key resistance levels, the U.S. elections, and regulatory developments. The path to $70,000 is in sight, and if Bitcoin ( CRYPTOCAP:BTC ) breaks through, it could trigger a new all-time high by the end of the year.
Long
by DEXWireNews
Exploring Valkyrie Bitcoin Strategy ETF @BTFExploring the Valkyrie Bitcoin and Ethereum Strategy ETF. Bitcoin ( NASDAQ:BTF ).. strong monthly imbalance in control playing our with BTC cryptocurrency currently attempting to break its all-time high again, with a monthly demand level also in control. Long term investment opportunity. Both Bitcoin and Ethereum are trending upwards and have a significant monthly demand level in control, contributing to the rise of these cryptocurrencies and the
NASDAQ:BTFLong
by AlfonsoMoreno