Bitcoin’s price has again faced resistance around the $65K mark, marking the third bearish reversal this year. This pattern, supported by various bearish indicators and technical data, suggests a potential trend reversal. However, analysts still believe that Bitcoin could reach $100,000.
As the second quarter closes at a subdued pace, the onset of Q3 sees a breakout rally with ambitions to quickly exceed $70K. Rising from the vital $60K support level, there is growing hope about the onset of a sustained bull market.
CryptoQuant’s CEO, Ki Young Ju, noted in a recent X post that in 2020, Bitcoin stayed around the $10,000 mark for six months amid high on-chain activity, before surging to $64,000 in 2021. Observing 2024, a similar pattern is emerging, with daily additions of $1 billion to new whale wallets.
However, despite mixed spot Bitcoin ETF flow, the US Bitcoin sentiment develops a bullish trend as BTC HODLers anticipate a continuous uptrend beyond $75,000. This has led analysts to wonder: Will this lead Bitcoin’s price past $100,000?The current BTC trading sentiment is bullish, as Bitcoin traded at its highest point in the pre-halving rally. Since 2024 is bullish for the crypto market, anticipation is that the BTC price could hit $100K during this season.
As Bitcoin on-chain activities surge, questions arise, such as: “Does Bitcoin have the potential of hitting the $100K mark?” or “Will Bitcoin ever go up?” or “Where will Bitcoin be in 5 years?” Let’s answer them using our Bitcoin price prediction.
Bitcoin Price Analysis
● BTC price analysis shows that Bitcoin faced bearish pressure toward $61K.
● Resistance for BTC is present at $66,461
● Support for BTC/USD is present at $61,270
The BTC price analysis for 5 October confirms that Bitcoin is facing increased selling pressure toward the $61K mark. Bitcoin price now aims for a quick recovery above the immediate resistance level.
BTC price analysis 1-day chart: Bitcoin price faces bearish volatility toward $61K
Analyzing the daily Bitcoin price chart, we see that BTC’s price faced intense pressure as it aimed to hold its bearish momentum. As a result, Bitcoin price is now aiming for a drop below the $61K mark. The 24-hour volume has surged to $532 million, rising interest in trading today. BTC price is currently trading at $61,888, decreasing by over 1.6% in the last 24 hours.
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Bitcoin still has a “bullish market structure” after another retest of $60,000 support, analysis indicates.
Trader and analyst Rekt Capital dismissed “fearful” market sentiment over current (BTC) price action in one of his latest updates on X.
BTC price support faces “different narrative”
Rekt Capital said that Bitcoin is no stranger to $60,000 as a fundamental psychological level, and returning to test it from above is no reason for cold feet.
BTC/USD has dropped by about 6% over the past three days, previously hitting two-month highs above $66,000, per data from Cointelegraph Markets Pro and TradingView.
Bitcoin traders stress ‘bullish’ market while BTC price threatens $60K
BTC/USD 1-hour chart. Source: TradingView
“BTC has revisited the low $60,000s countless times over the past several months,” the X post said.
“And yet people become equally fearful on a pullback and for a different reason every time. Same price. Different narrative. Never a loss in bullish market structure.”
Rekt Capital is not alone in this confident sentiment. Fellow trader Jelle said that BTC/USD is still undergoing a more substantial resistance/support (R/S) flip.
“A bit of red to start the quarter, and everyone is in full-on PTSD mode,” he told X followers.
“Meanwhile, Bitcoin's market structure is bullish again, and we're turning key S/R back into support. Don't get shaken out.”
Bitcoin short-term holder metric hits “stack” zone
Analyzing onchain data, meanwhile, Checkmate, the pseudonymous creator of data resource Checkonchain, viewed recent price performance through the lens of profit-taking by Bitcoin speculators.
This was conducted using the short-term holder spent output profit ratio (STH-SOPR) metric, which analyzes the proportion of funds in profit when moved onchain by speculators. Such entities are those hodling the funds involved for up to 155 days.
STH-SOPR has dipped below its center 1.0 value, arguably setting up a viable “buy the dip” opportunity.
“If Bitcoin STH-SOPR is high... don’t buy, it means folks are taking profit and applying sell-side,” Checkmate said.
“Conversely, in a bull market, dips back to 1.0, or preferably short sharp undercuts of it are opportunities to stack the cheapest sats.”
Bitcoin traders stress ‘bullish’ market while BTC price threatens $60K
Bitcoin STH-SOPR chart. Source: Checkmate/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
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● The global crypto market is facing heavy selling pressure, driven by rising geopolitical tensions and large ETF outflows, just as many were expecting a bullish October. Bitcoin, in particular, has dropped over $5,000 from its recent high of $66,000. However, a key moment is approaching as a crypto analyst points to crucial support levels that could determine whether BTC will see a major breakout or Breakdown.
♻️ Bitcoin Price To Drop $52k
● Prominent crypto chart analyst Ali Martinez has recently pointed out a potential bearish pattern forming in Bitcoin's price movement, which could lead to a significant drop.
According to Martinez, Bitcoin might fall as low as $52,000 if the current price action continues to follow the pattern of a descending parallel channel. This pattern, suggests that Bitcoin's price moves within two downward-sloping parallel lines. Each time the price hits the upper line, it faces resistance and tends to drop toward the lower line, which acts as support.
As long as the price stays within these boundaries, the asset tends to follow a bearish trend. However, if Bitcoin manages to break out of the channel, it could signal a bullish reversal, pushing the price upward instead
♻️ Bitcoin Rally Towards $130K?
● On the flip side, another crypto analyst Mags believes that Bitcoin could be on the verge of a significant price surge, potentially pushing its value to an impressive $130,000.
According to Mags, Bitcoin's price is in the process of forming the right shoulder, which could push it to rally soon. This rally could send Bitcoin's price toward the $130,000 mark if the pattern is completed successfully.
If Bitcoin follows the trajectory suggested by the inverse H&S pattern, this could be a significant moment for the cryptocurrency, given that Bitcoin has struggled to gain strong upward momentum recently.
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#Bitcoin price risks dropping to as low as $57,000 as Israel plans to respond to Iran's recent missile attacks.
The Bitcoin price could drop to as low as $57,000, according to a recent prediction by popular analyst Justin Bennett. Israel’s imminent attack against Iran could be what leads to this price decline, considering how the flagship crypto dropped to $60,000 following Iran’s missile attacks against Israel. However, BTC’s long-term outlook is still bullish as several tailwinds lie ahead in this fourth quarter.
Bitcoin Price To Drop To $57,000
Bennett predicted on his X platform that BTC could drop to $57,000. This came following his statement that the range between $57,000 and $58,000 is the area to watch for Bitcoin to stay “constructive.”
The analyst also indicated that the flagship crypto was in bearish territory, stating that the only way for the BTC price to flip bullish is if it reclaims $62,000. The analyst claimed that the bears are in control until then and that dropping below $60,000 is possible.
The Bitcoin price and altcoins are currently facing huge selling pressure thanks to the escalation in the Israel-Iran conflict. Although BTC dropped to as low as $60,000 following Iran’s strike on Israel, it has since enjoyed a relief rally back above $61,000. However, Bennett warned market participants to be careful with this rally.
The analyst stated that the failure at $64,700 has opened up a sell-side liquidity. He noted that the BTC price already dropped to his first target of $60,000 and remarked that $57,000 “remains open for business.” Interestingly, he added that a case could be made for a price drop to $51,000, but he said it is unlikely at the moment.
Israel’s Imminent Strike Against Iran Could Spark Price Decline
Israel’s imminent strike against Iran could cause the Bitcoin price to drop to $57,000. Reports coming out of Israel are that the country plans to respond to the Iranian attack, which occurred on October 1. Israel’s Security Cabinet is said to have met and is planning an attack that could be worse than the one in April, which led to the killing of a top Iranian general in Syria.
Israel’s plan to attack Iran has also led to concerns that this could result in a full-blown war in the region. Such a development will lead to more fear and uncertainty in the market, sparking a wave of sell-offs and causing prices to decline further.
The Israel-Iran tension has already affected the crypto market rally, which was meant to begin this ‘Uptober.’ Therefore, a strike from Israel will only worsen things and send the Bitcoin price tumbling, with the broader crypto market also suffering a similar fate.
Long-Term Outlook Is Still Bullish
BTC’s long-term outlook is still bullish, considering several events could act as tailwinds for the flagship crypto. For instance, on the macro side, the US Federal Reserve could still cut interest rates by another 50 basis points (bps) before the year ends. China is already injecting liquidity into its economy. Global liquidity is surging thanks to these monetary easing policies, which is a positive for the Bitcoin price.
Furthermore, FTX will distribute $6 billion as part of customer repayments. These users will receive their repayments in cash and could again pump this liquidity into BTC and the broader crypto market.
Meanwhile, the US presidential election is 34 days away. The aftermath of the election has historically been bullish for the BTC price since it provides certainty to the market. Irrespective of who wins between Donald Trump and Kamala Harris, the flagship crypto could hit a new high once the election ends.
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🔥 The sudden rise in Bitcoin ($BTC )'s price has shocked both investors and analysts alike as the leading cryptocurrency closed at its two-month peak on September 28 🔥
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🔰 $BTC Target Price to = $67,000 🔥✅️
● Here's a quick market update! The crypto markets are showing a Bullish trend. When $BTC was at $60k, we predicted it would surpass $70k. Now, it seems to be significant potential for this BullRun!
● Stay tuned for more amazing signals...! Let’s Go 🚀🚀🚀
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[1]. INSIGHT: Bitcoin bull run unlikely as long as social sentiment runs too hot, argues onchain analytics platform Santiment.
● “Markets historically always move in the opposite direction of the crowd’s expectations,” Santiment said 🔥
[2]. UPDATE: US Bitcoin ETFs Bought $1.1 Billion Worth of Bitcoin This Week.
● This marks the largest week of inflows since July 15-19 🔥

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