Bitcoin’s value is showing some uncertainty nearing the $65K mark, with a $1,000 decline witnessed during Wednesday’s trading session. While the leading cryptocurrency is experiencing some level of correction, a few top alternative coins have surged significantly during the late New York trading period. Nonetheless, the immediate perspective for Bitcoin appears somewhat bearish.
The recent 3% surge on Tuesday pushed Bitcoin to reach a daily peak at $64,688, sparking optimism among investors who anticipated a challenge of the crucial resistance level at $65K. Although Bitcoin surpassed yesterday’s high today, it failed to sustain its bullish momentum, leading to a short-term adjustment. Should the digital currency fall short in converting the $65K hurdle into a solid support base, a sharp correction in BTC price towards the buy-side imbalance at $62,350 and $61,555 could ensue.
Notably, there is a brewing short-term correction anticipated for Bitcoin from a technical viewpoint. Renowned crypto trader RektProof echoes a similar sentiment about BTC’s outlook, suggesting that although the recent high sweep appeared bearish, the absence of follow-up from sellers indicates a potential bullish long-term trajectory. Nevertheless, the trader underscores the possibility of a short-term setback following Monday’s high sweep.
Elja Boom presents a long-term forecast for Bitcoin through a weekly chart, highlighting the commencement of a parabolic phase that could propel Bitcoin to greater heights in the next four months. According to analysis, this exponential climb phase, driving BTC vertically, may last approximately 500 days, positioning Bitcoin’s next cycle top in late August 2025.
Following the Securities and Exchange Commission’s approval of options trading and the spot Bitcoin ETF, the regulatory body granted approval five days ago on September 20. Despite the SEC’s reluctance to make a similar decision concerning Ethereum, the overall bullish long-term outlook remains for Bitcoin’s price, supported by robust technical and fundamental aspects. Bitcoin is primed to clear the $65K hurdle and establish it as a support base, potentially propelling its value to $70K and revisiting the all-time high (ATH).
Source: CoinGape