Bitcoin Forecast for the Week Will BTC Price Surge to 100K or Experience a Significant Decline

Bitcoin (BTC) is set to continue its bullish momentum after gaining over 7 percent since the start of October. In the monthly Heikin Ashi time frame, the leading cryptocurrency is on track to close the first month in a bullish wave, following a period of retesting the breakout from its all-time high in 2021.

Furthermore, Bitcoin has consistently maintained its position above the crucial support range between $59k and $61k since the crypto market crash on August 5.

The expected bullish breakout for Bitcoin is based on its correlation with the ongoing rally in major stock indexes and gold. After consolidating for more than 31 weeks, Bitcoin’s open interest has reached a multi-month peak of over $37 billion, indicating increased investor confidence. Additionally, the supply of Bitcoin on centralized exchanges has continued to decrease, driven by institutional investors. Metaplanet Inc. recently announced its ownership of over 1000 Bitcoins, while BlackRock’s IBIT has been aggressively accumulating more Bitcoins.

The upcoming US elections and FOMC data will have a significant impact on Bitcoin’s price action in the near future.

In terms of key levels to watch, if Bitcoin loses its support range between $59k and $61k, there is an increased risk of a further drop towards $52k. However, a potential close above $72k will likely propel the cryptocurrency above $80k.

Overall, Bitcoin’s price is poised to continue its bullish trend, with various factors such as investor interest and market conditions supporting its upward movement.

Tags: Bitcoin, Price Analysis