Bitcoin (BTC) may soon explode: Breakout is imminent!

BTC, the leader of cryptocurrencies that have been pricing in a downward trend for a long time, is counting the days for a breakout. Bitcoin, which has been fluctuating between $60,000 - $62,000 for the past few days, is eyeing the $70,000 band. However, on the other side of the coin, BTC has a difficult path ahead. The upcoming US presidential elections and geopolitical tensions may continue to pressure Bitcoin.

As of the writing of the news, BTC, which is trading at $62,102, may test the levels of $56,602 - $52,614 and $50,580, respectively, if it breaks $60,000 downwards. News flow regarding the Israel-Iran tension will play a critical role in this process. Increasing tensions in the Middle East may increase selling pressure. Weekly closings below the recently tested low of $52,614 could lead to declines towards $40,000-$42,000.

If the Israel-Iran tensions ease, the US presidential elections have a positive impact on the market, or $BTC makes daily closings above $63,000, upward moves towards $64,758-67,091-70,500 and $73,684 could be followed, respectively. In such a scenario, the $70,500 level will be important. Weekly closings above this level will accelerate the Bitcoin rally.

Altcoin investors should focus on the Bitcoin dominance in the market and the Ethereum price. With the Bitcoin dominance falling below 50 percent, the altcoin market may experience sharp increases. The $2,500 band will be decisive for $ETH . Any process that remains above this price will increase the possibility of an altcoin bull.

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