BTC Weekly Forecast – Bitcoin to Face Hurdle before Exploding to $100K
Briefly –
- BTC appears top-heavy in a near-term perspective, confirming a possible correction.
- The leading cryptocurrency requires a daily close beyond $62,000 to cancel this retracement.
- Funding rates and on-chain metrics show that Bitcoin requires a reset.
Bitcoin has its price beyond the $60,000 level after 27 October sessions had the crypto dropping below the area. Though the brief surge, Bitcoin appears risky if it fails to maintain its movements beyond the psychological zone.
ETH Hype Fades
Bitcoin received a boost after SE started approving BTC exchange-traded funds. However, the hype appears to fade, leaving Bitcoin high and dehydrated. MicroStrategy used the recent dip to accumulate almost 9,000 Bitcoins. Keep in mind that El Salvador also bought the recent plummet.
On the adoption side, reports suggest that United States regulators examine how banks in the US may hold $BTC. Jelena McWilliams, Federal Insurance chair, said that bank regulators are exploring a roadmap for financial institutions to hodl digital coins.
BTC to Drop before Flying
Bitcoin had its price losing nearly 14% since BTC touched an ATH on 20 October. Meanwhile, the token recovered slightly on 28 October after its plunge under $60,000. For now, Bitcoin trades above the psychological area highlighted above. However, the crypto requires a significant daily candle close beyond $62,000 to increase its chances to go higher.
Failure to achieve that will mean a correction towards the demand territory in the $56,629 – $58,587 range. If selling pressure occurs for BTC to form a candle close under $56,006, BTC will plunge to the support level at $55,347. If it hits this level, market players might take it to the demand point at $53,000 to gather liquidity. With that, Bitcoin will cancel selling pressure and start a new upsurge.
Though Bitcoin’s short-term narrative might be bearish, it may be an opportunity for BTC to hit its ATH road. Such a case will mean eying 161.8% FIB extension at $77,908. That means a 47% surge from $53,000. Surging past $77,000 would translate to a 6-digit increasing, sending $BTC to $100,000, matching with 61.8% FIB extension.
On-Chain Metrics Confirm Near-Term Retracement
Bitcoin’s Daily Active Address dropped from 21 October to 28 October. That shows decreasing users that use BT blockchain, confirming capital leaving the BTC market. Also, the 365-day MVRV hovers at the 37% zone, indicating an upcoming sell-off. Though the retracement narrative, Bitcoin’s governing outlook remains bullish.
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