{"id":645859,"date":"2024-10-02T19:00:11","date_gmt":"2024-10-02T19:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=645859"},"modified":"2024-10-02T09:49:42","modified_gmt":"2024-10-02T09:49:42","slug":"bitcoin-final-test-btc-price","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-final-test-btc-price\/","title":{"rendered":"Analyst Says Bitcoin Is In The \u2018Final Test\u2019, Here\u2019s Where The BTC Price Is Headed Next"},"content":{"rendered":"<p class=\"p2\">Bitcoin has seen a <a href=\"https:\/\/bitcoinist.com\/bitcoins-influenced-by-supply-and-demand\/\" rel=\"nofollow\">retracement from the $66,000 level,<\/a> but that does not mean that the bullishness of the pioneer cryptocurrency is completely gone. It is currently sitting around 4% below $66,000, which still makes its $63,000 level very attractive for bulls. Although, given the current movement of Bitcoin, the market could see a deeper correction from here that could send its <a href=\"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-gearing-up-for-a-bigger-rally-heres-what-on-chain-data-reveals\/\">price spiraling below $60,000<\/a> once again.<\/p>\n<h2 class=\"p2\">Bitcoin Symmetrical Triangle Could Trigger A Retest<\/h2>\n<p class=\"p2\">Crypto analyst Xanrox has <a href=\"https:\/\/www.tradingview.com\/chart\/BTCUSDT\/88ACd1gV-Bitcoin-Final-test-before-100k-Buy-here\/\" rel=\"nofollow\">presented<\/a> a possible scenario where the Bitcoin price could decline further from here. The analyst points to the previous symmetrical triangle that had been formed on the Bitcoin chart with the last decline. This end of this symmetrical triangle sits somewhere around $56,000, which could present a roadblock for the BTC price.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-reaching-1000-2\/\">Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream<\/a><\/div>\n<p class=\"p2\">However, as the analyst explains, a retest of the <a href=\"https:\/\/bitcoinist.com\/bitcoin-ready-for-new-all-time-high-but-analyst-says-it-needs-to-clear-this-level-first\/\" rel=\"nofollow\">symmetrical triangle that takes the price back down<\/a> is not entirely a bad thing. This is because a first breakout of a pattern such as the symmetrical triangle, and then a retest of it is often a positive. This is because it give traders another chance to get in on a good price.<\/p>\n<p class=\"p2\">Furthermore, the crypto analyst points out that there is an ascending channel that is being broken down on the Bitcoin chart. This also lends credence to the fact that the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/spot-bitcoin-etfs-btc-satoshi\/\">BTC price<\/a> could still correct from here. Taking the ascending channel and the symmetrical triangle into account, then it is possible that Bitcoin does fall below $60,000 again.<\/p>\n<p class=\"p2\">As the crypto analyst explains, the first wave 1 impulse has already been completed, so a correction is in the works. Taking a look at the Fibonacci retracement, the crypto analyst tells traders to look toward the 0.382 level, as well as the 0.5 and 0.618 levels. However, the first two are much more important.<\/p>\n<h2 class=\"p2\">When Is The Right Time To Buy BTC?<\/h2>\n<p class=\"p2\">When it comes to <a href=\"https:\/\/bitcoinist.com\/bitcoin-sths-supply-decreases-by-1-31m-btc-a-sign-of-growing-confidence\/\" rel=\"nofollow\">buying Bitcoin<\/a>, the crypto analyst points out that the 0.382 and 0.5 Fibonacci levels are the best time to buy. Additionally, Xanrox points to \u201can unfilled FVG (Fair Value Gap)\u201d and tells traders that it is within this region that they want to get in on the digital asset.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-price-200-0-00006\/\">Shiba Inu Price Could Jump 200% To $0.00006 In October, Here\u2019s Why<\/a><\/div>\n<p class=\"p2\">Currently, this unfilled FVG is sitting between $60,277 and $61,590. Given this, setting the buy orders between these levels would be advisable. The crypto analyst explains that this <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-66000-analyst-warns-fresh-longs-heres-why\/\">Bitcoin gap <\/a>may not be filled completely, but that even a partial fill would be a good thing.<\/p>\n<p class=\"p2\">\u201cI am currently very bullish on Bitcoin, and if you buy now and sell above 120K, I would consider it a good trade!\u201d the crypto analyst said in closing.<\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/S685AEuM\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price loses support at $62,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has seen a retracement from the $66,000 level, but that does not mean that the bullishness of the pioneer cryptocurrency is completely gone. It is currently sitting around 4% below $66,000, which still makes its $63,000 level very attractive for bulls. Although, given the current movement of Bitcoin, the market could see a deeper correction from here that could send its price spiraling below $60,000 once again. Bitcoin Symmetrical Triangle Could Trigger A Retest Crypto analyst Xanrox has presented a possible scenario where the Bitcoin price could decline further from here. The analyst points to the previous symmetrical triangle that had been formed on the Bitcoin chart with the last decline. This end of this symmetrical triangle sits somewhere around $56,000, which could present a roadblock for the BTC price. Related Reading: Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream However, as the analyst explains, a retest of the symmetrical triangle that takes the price back down is not entirely a bad thing. This is because a first breakout of a pattern such as the symmetrical triangle, and then a retest of it is often a positive. This is because it give traders another chance to get in on a good price. Furthermore, the crypto analyst points out that there is an ascending channel that is being broken down on the Bitcoin chart. This also lends credence to the fact that the BTC price could still correct from here. Taking the ascending channel and the symmetrical triangle into account, then it is possible that Bitcoin does fall below $60,000 again. As the crypto analyst explains, the first wave 1 impulse has already been completed, so a correction is in the works. Taking a look at the Fibonacci retracement, the crypto analyst tells traders to look toward the 0.382 level, as well as the 0.5 and 0.618 levels. However, the first two are much more important. When Is The Right Time To Buy BTC? When it comes to buying Bitcoin, the crypto analyst points out that the 0.382 and 0.5 Fibonacci levels are the best time to buy. Additionally, Xanrox points to \u201can unfilled FVG (Fair Value Gap)\u201d and tells traders that it is within this region that they want to get in on the digital asset. Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In October, Here\u2019s Why Currently, this unfilled FVG is sitting between $60,277 and $61,590. Given this, setting the buy orders between these levels would be advisable. The crypto analyst explains that this Bitcoin gap may not be filled completely, but that even a partial fill would be a good thing. \u201cI am currently very bullish on Bitcoin, and if you buy now and sell above 120K, I would consider it a good trade!\u201d the crypto analyst said in closing. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":643388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-645859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Analyst Says Bitcoin Is In The \u2018Final Test\u2019, Here\u2019s Where The BTC Price Is Headed Next<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a retracement from the $66,000 level, but that does not mean that the 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His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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