Will crypto markets experience another week of low volatility and inactivity, or is Bitcoin about to break out and kick off “Uptober”?
On Oct. 14, analyst CrypNuevo told his 117,000 X followers that the week ahead should be good for price action.
“We’ve seen aggressive moves in both directions, and they are being retraced,” he said before predicting that BTC will move higher this week.
Up or Down This Week?
The analyst highlighted a liquidation cluster to the upside between $63.5K and $65K, noting that there could be a possible shakeout first, especially at the start of the week, “but price should eventually head toward that area.”
$BTC Sunday update:
Quiet week ahead; it should be a good one in regards to Price Action.
We’ve seen aggresive moves in both directions and they are being retraced. But I’m looking for a move higher tho, ideally this scenario.
This is my analysis and plan for this week:
pic.twitter.com/4zwCDKBO9L— CrypNuevo (@CrypNuevo) October 13, 2024
On Oct. 14, analyst Michaël van de Poppe echoed the sentiment, stating that there will probably be a couple of days of consolidation before predicting a move higher.
“A test of $64,000 will likely bring the big breakout we’re looking for. The build-up is massive.”
However, analyst CrediBULL Crypto painted a bearish picture, predicting a retrace back into the mid- to high $50K level before another bounce.
Over the weekend, analyst DonAlt examined both scenarios, stating that if BTC tops $65,000, “I’d wager we’ve finally escaped the endless chop. ” However, if it falls back below $58,000, “more sadness awaits.”
“I’m hopeful we’ll go up after all this chop has ended.”
The Bitcoin Fear and Greed Index, which measures market sentiment, has returned to neutral at around 48 following a fall into fear late last week.
BTC Taps $64K
Things already appear to be bubbling up in crypto markets, with Bitcoin returning to a one-week high of $63,975 during Monday morning trading in Asia, according to TradingView.
The asset is still range-bound, however, and it needs to clear $64,000 for any of the bullish scenarios suggested by the analysts above to play out.
The next major resistance point is $66,000, where the asset was halted in late September.
“This week is primed for action,” said Bitcoin OG Kyle Chassé, who added, “In 6 to 8 months’ time, it won’t matter if you bought at $64K or $58K.”
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