Should We Brace for a Bitcoin Pullback or a Bullish Breakout?

Bitcoin’s recent rally has captured the attention of both bullish and cautious analysts, sparking a range of predictions about its next move.

Crypto analyst Justin Bennett, for instance, highlighted some key technical patterns that could influence Bitcoin’s trajectory, suggesting a possible retrace to around $63,000.

He pointed to a potential rising wedge and bearish divergence, warning that leveraged traders might be at risk.

He also mentioned that the rally was mainly fueled by the perpetual market, which may not provide the foundation for a lasting breakout, especially with open interest nearing previous highs.

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CrediBULL Crypto echoed these concerns, pointing out that open interest has surpassed levels seen before Bitcoin’s earlier drop from $70,000 to $49,000, hinting at a potential correction down to $50,000 before pushing past $73,000.

Open interest has officially surpassed the level it was at before the last drop from 70k to 49k.$BTC pic.twitter.com/BklNneNf3O

— CrediBULL Crypto (@CredibleCrypto) October 18, 2024

Still, some experts maintain a more optimistic outlook. Matt Hougan expects Bitcoin to reach a new all-time high before the U.S. election, while CryptoCon predicts a major bull run that could drive Bitcoin up to $120,000 next year. Jamie Coutts of Real Vision also sees Bitcoin hitting $110,000 by mid-2025 as global liquidity rises.

Some people are waiting for 40k or a recession to strike, but I am waiting for the #Bitcoin bull run, which is coming soon.

The bull run means new ATHs and a year of great price action for all crypto.

The Price Oscillator confirms we have completed all of the local highs of the… pic.twitter.com/eL9DOkvdfE

— CryptoCon (@CryptoCon_) October 18, 2024

Alexander Stefanov