The Bitcoin bull is back in action as they swept high above $66000, indicating a potential recovery is fast approaching
- Patricia ArquetteOriginal
- 2024-10-15 19:38:191025browse
Although a new ATH remains slightly distinct, the possibility of a massive pullback is also not validated
Bitcoin price showcased a fine recovery after rebounding from the local lows beneath $60,000. This rally escalated the levels high above $66,000, which were met before the previous day’s close. However, the price is yet to hit the pivotal resistance zone and until then, the possibilities of a pullback may haunt the rally.
In such a scenario, here are the bullish and bearish scenarios that the market is expecting.
One of the renowned analysts, Peter Brandt believes that the price has finally reached the pivotal resistance zone and is trying hard to enter it. Hence these levels around $68,000 are now crucial to maintain the bullish trend.
The analyst feels that if the price breaches above these levels, then the supply might turn the prices sideways initially and trigger a pullback. This is because the token has closed above this zone multiple times and hence this zone might have turned highly liquid. Therefore, it suggests that the price is still prone to a massive plunge as the bulls are still trapped above $70,000 and only a strong 2021-like bull run may ease the bearish pressure within these levels.
On the other hand, another analyst ALI continues to be bearish on Bitcoin and anticipates a buying opportunity below $60,000.
drop to $60,000, ?rebound to $66,000, ?retrace to $57,000, ?$78,000 next! https://t.co/HwoRrlM0D2
The short-term price action suggests the price is stuck within a rising parallel channel and hence the bullish expectations are still alive. The upper target of $75,000 remains activated; before that, a buying opportunity below $60,000 may be expected.
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