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Is the bull run over? No, BTC will touch $130,000 first!

After reaching a new ATH, Bitcoin has dropped below $60,000. Could this be the final point of this rally? Find out in this article by BTCNEXT analysts!

13–17 October main events

  • The first Bitcoin ETF was launched in the United States. On October 19, the ETF based on Bitcoin futures from ProShares began trading on the New York Stock Exchange (NYSE) under the ticker BITO. Its trading volume on the first trading day was 24.42 million shares, almost reaching a value of $1 billion.
  • Bitcoin has renewed its all-time high above $67,000. In the background of the ETF launch, quotes of digital gold rose sharply. On Wednesday October 20, the price hit a high above $67,000. Ethereum also hit a high of $4,375.
  • Tesla reported a $51 million loss on Bitcoin investments. Tesla recorded huge revenues at the end of Q3 2021. The business income of the electric car manufacturer increased by 26.6%, but its investments in the first cryptocurrency depreciated by $51 million.

Price analysis

The past week closed with a strong contraction below the $61,845-$64,854 range, forming a Shooting Star reversal pattern. This pattern can be broken by closing the week above $65,000. But if the week starts to close below $57,000, we will confirm the reversal and the price will go into a deeper correction. Support is now at $60,000 and then in the $52,900-$49,700 range. When weekly candles start to close above $65,000, we should expect growth to $74,660, $80,000, $87,130, $100,900. Maximum targets are in the range of $120,000-$130,000.

The Fear and Greed Index has cooled down a bit, dropping to 72 points, but there is still strong greed. Open interest is holding above 25 billion, which also indicates that the market is overheated! Funding is holding above 0.02, which indicates the concentration of large leveraged longs! There are large sales at $63,000 and below, thereby demonstrating the strength of the seller.

So far, the BTC price has found its local high of $67,000. Given the strong overbought and overheated market, the current correction of 10% is not enough to move up further. If the correction continues, it could potentially reach $52,120.

That’s all! If you want to continue receiving price analyses — stay tuned for more BTCNEXT updates!

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