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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Could See ‘One Last Shakeout’ In November, Here Are The Levels To Watch

Rubmar Garcia
Rubmar Garcia
Last Updated: October 26, 2024 1:00 pm
3 mins read
BTC, Bitcoin

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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.

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Bitcoin To Face Another Shakeout Soon

This ‘Uptober,’ 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’s 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’s 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’s “extremely chippy conditions” are headed in the short term.

Sherpa shared that the cryptocurrency could see one last shakeout “sometime in November.” He suggested  BTC 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’s 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 “start moving 5-6x from the current position,” 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 “insanely important support levels.” To the analyst, if BTC’s 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 “ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000.

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Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s 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 “very bullish weekly close” ahead of October’s last week.

At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe.

Bitcoin, BTC, BTCUSDT
Bitcoin (BTC) performance in the weekly chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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