Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) has recorded a remarkable surge in the past 14 days, nearing the $70,000 mark earlier this week. However, some market watchers shared their worries about the recent retraces, suggesting the cryptocurrency could face another correction ahead of the US Presidential election. Related Reading: Is The Cat Season Here? MEW Hits $1 Billion Market Cap After New ATH Bitcoin To Face Another Shakeout Soon This \u2018Uptober,\u2019 Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark. The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoin\u2019s price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday. Based on BTC\u2019s recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoin\u2019s \u201cextremely chippy conditions\u201d are headed in the short term. Sherpa shared that the cryptocurrency could see one last shakeout \u201csometime in November.\u201d He suggested \u00a0BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5. However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTC\u2019s near future. Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to \u201cstart moving 5-6x from the current position,\u201d according to the analyst. Is BTC Set For A Green Weekly Close? Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as \u201cinsanely important support levels.\u201d To the analyst, if BTC\u2019s price holds its support there, it will hit $70,000 soon. After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was \u201cready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000. Related Reading: Web3 Automation Provider Ava Protocol\u2019s Demand Surges 900% Ahead Of Token Launch Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC\u2019s old downtrend line is supporting, which serves as post-breakout confirmation. Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a \u201cvery bullish weekly close\u201d ahead of October\u2019s last week. At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604954,"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":[428,11680,84434,679,1119,78790,26263,93167,10923,85288,89756,87108,6369],"class_list":["post-649903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-correction","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-crypto-analyst","tag-crypto-investor","tag-crypto-market","tag-crypto-market-crash","tag-crypto-trader","tag-uptober","tag-us-president-elections"],"acf":[],"yoast_head":"\n
Bitcoin To See \u2018One Last Shakeout\u2019 Soon - Key Levels To Watch<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n