The price of Bitcoin has recently experienced consolidation and gradual correction after consecutive days of uptrend, causing concern among short-term holders.
However, analysts remain optimistic, forecasting potential new all-time highs. For instance, according to analyst Michaël van de Poppe, Bitcoin’s price action this month has aligned with expectations. He noted that Bitcoin drove liquidity in the crypto market with its recent two-month high at $66K and is now correcting these gains.
The chart marks a significant area where Bitcoin “took liquidity” above recent highs.
This move typically signals a price spike that triggers stop-losses from short traders before a reversal occurs. Bitcoin’s price is currently hovering around $63,908, with key support levels identified below this price.
Buying Opportunity Before Bitcoin Retests $73,750
The area between $60,748 and $61,166 is highlighted as crucial for maintaining bullish momentum. Should Bitcoin’s price drop below these support zones, it could threaten the structure of the current uptrend.
However, as the analyst disclosed, this correction offers a potential buying opportunity. Michaël hinted at a potential to accumulate more as the $60K retest could lead to another rally to test the previous all-time high at $73,750.
The analyst also identified another support zone between $56,000 and $57,000, which could act as a fallback should Bitcoin fail to hold above the $61,000 level.
History and Future Outlook
In addition to current price dynamics, market watchers like Mags note historical trends suggesting Bitcoin bull runs typically start in October. These trends align with previous Bitcoin halving events, which tend to reduce supply and drive up demand, creating bullish momentum.
Historically, Bitcoin bull run have consistently started in October during each market cycle. pic.twitter.com/MVwdLJPcad
— Mags (@thescalpingpro) September 30, 2024
September has traditionally been a challenging month for Bitcoin, but this year’s gains have defied historical patterns, fueling optimism for the months ahead.
Market data shows Bitcoin gained over 10% in September 2024, a stark contrast to previous years where losses were common. This has raised expectations for October, especially as past Septembers with positive closes have often led to significant rallies.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/01/experts-see-recent-bitcoin-dip-as-buying-opportunity-ahead-of-73750-retest/?utm_source=rss&utm_medium=rss&utm_campaign=experts-see-recent-bitcoin-dip-as-buying-opportunity-ahead-of-73750-retest