30s Summary

The value of Bitcoin has dropped 4% this week, hinting at further decreases. A predicted market pattern suggests a trend reversal might occur, echoing patterns seen in Q3. The current value resembles that of July, before a fall from $68,000-$70,000. If it repeats, Bitcoin may drop to around $64,500 before rising to $70,000. Traders predict strong support between $66,000 and $64,000. The Fibonacci golden zone sees Bitcoin’s current position at $63,900-$62,000. However, an unfilled price gap could drop Bitcoin’s value below $60,000, potentially resulting in panic-selling and extending the next all-time high to 2025.

Full Article

The value of Bitcoin (BTC) has taken a 4% dip this week, shaking the confidence of crypto folks who are seeing a certain pattern that hints more bearish days to come. Let’s look into three key shifts that might signal Bitcoin’s road to recovery.

First up, a market fractal from Q3 might make an encore! Market fractal is just a fancy term for a predictable pattern that tells us when a trend reversal might happen. Bitcoin’s current value looks a lot like what happened in late July when Bitcoin was correcting a fall from $68,000-$70,000 before swooping low a bit more.

Got your attention? Check out the image below that shows a Bitcoin 4-hour chart on the left side (July) and the current chart on the right side. Notice how they overlap? If history repeats again, Bitcoin might hit a very short, sharp dip (the bottom of the “V”) around $64,500, then skydive up to $70,000!

Bitcoin futures trader, Satoshi Flipper reckons there’s a strong support between $66,000 and $64,000 – making these price levels pretty awesome for buying before the US election results in November.

Watch out for Fibonacci’s golden zone on the daily chart too. Since Sept 27, Bitcoin has been climbing mountains and valleys, but with each peak getting taller and each trough getting less deep. If this continues, and a higher low is formed (with respect to the previous low of $58,900) then the pattern still marches on!

That next higher low might happen in the Fibonacci 0.5-0.618 range (or the golden zone). Swing traders like to use this range to place long-term bets. If you look closely, Bitcoin’s current golden zone is around $63,900 and $62,000. A drop to $62,000-$63,000 is pretty healthy for Bitcoin’s long-term journey, it creates a new low point to then leap to a new high after early November.

However, the Bitcoin CME gap is still hanging below $60K. Back in September, Bitcoin’s price shot up 18%, leaving a price gap between $52,000 and $54,000 that hasn’t been filled yet. If it drops below $60,000… whoa, that throws things off-kilter! This could potentially push the next all-time high till 2025 and ssspark widespread panic-selling!

One last thing, resilting the CME gap could happen, but it’s probably least likely unless some super major negative event takes place. Just a heads up, this isn’t investment advice or recommendations – every money move has its own risks, so do your own digging before making any decision!

Source: Cointelegraph