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.
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.
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.
Featured Image from Unsplash.com, Chart from TradingView.com