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bitcoin (btc) has seen a notable rise over the past 14 days, approaching the $70,000 mark earlier this week. However, some market observers shared concerns about the recent pullbacks, suggesting that the cryptocurrency could face another correction ahead of the US presidential election.
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bitcoin Will Face Another Shake Soon
This 'through October', bitcoin has recorded a 12% rise from its opening price, jumping off the $60,000 support level and reclaiming key resistance zones. In the past two weeks, btc has recovered 14% from the early October shocks, moving closer to a retest of the long-awaited $70,000 mark.
The cryptocurrency faced major resistance after breaking above the $69,000 zone, a level not seen since late July. After the failed retest, bitcoin price faced a 5.3% pullback towards the $65,000-$66,000 range, failing to regain the $67,000 mark until Thursday.
Based on btc's recent performance, some analysts believe that the flagship cryptocurrency is poised to face another correction in the coming weeks. crypto Analyst Altcoin Sherpa x.com/AltcoinSherpa/status/1849773919772754102″ target=”_blank” rel=”nofollow”>revealed not sure where bitcoin's “extremely chippy conditions” are headed in the near term.
Sherpa shared that the cryptocurrency could take one last shakeout “sometime in November.” He suggested that btc could face another pullback towards the $62,000 to $64,000 price range around the time of the US presidential election, scheduled for November 5.
However, the analyst believes that bitcoin will continue its bullish rally after the shakeout. Another market observer also predicted another correction for btc's near future.
crypto King Analyst x.com/cryptosanthoshK/status/1849701498684363035″ target=”_blank” rel=”nofollow”>fixed that btc will close above $70,000 this week before facing rejection from the key level. Following the rejection, bitcoin would retrace 8% towards $64,000-$65,000, which could prompt altcoins to “start moving 5-6x from the current position,” according to the analyst.
Is btc ready for a green weekly close?
Despite the rainy forecast, other investors remain bullish on the flagship cryptocurrency. crypto analyst Mustache established the $67,000-$68,000 range as “incredibly important support levels.” For the analyst, if the price of btc x.com/el_crypto_prof/status/1849805640245375364″ target=”_blank” rel=”nofollow”>holds its support there will soon reach $70,000.
After bitcoin jumped above the $68,000 resistance on Friday morning, crypto Yapper x.com/CryptoYapper/status/1849797631817482662″ target=”_blank” rel=”nofollow”>noted that btc broke a weekly bull flag and was “poised for an exponential move.” The analyst also stated that the next horizontal level to break before the test of $70,000 is $69,000.
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However, he stated that bitcoin would need to reach a higher high to remain bullish. Similarly, Rekt Capital noted that btc's former downtrend line is supported, serving as post-breakout confirmation.
According to the publication, the cryptocurrency x.com/rektcapital/status/1849813957541814669″ target=”_blank” rel=”nofollow”>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 record a “very bullish weekly close” before the last week of October.
At the time of writing, btc is trading at $67,737, up a slight 0.3% on the daily period.
Featured image from Unsplash.com, chart from TradingView.com