Bitcoin’s (BTC) chart structure continues to struggle to break into bullish territory, suggesting that a retest of its all-time high of $73,679 may take longer than many optimists hope, according to crypto analysts.
“Structure mid-term is bearish, moving to neutral and trying to get bullish. ATH will take time,” popular Bitcoin analyst Willy Woo expressed in an Oct. 2 post on X.
He noted that Bitcoin’s short-term structure indicates that the next one to three weeks might serve as a cooling-off period before “the next bullish attempt.”
“I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties,” Woo stated, adding, “Long-term is bullish.”
At the time of publication, TradingView data shows Bitcoin’s price at $61,243, down 3.98% since Oct. 1.
The asset has experienced a decline of 4.72% over the past seven days.
This drop followed a significant missile strike by Iran, which reportedly targeted sites across Israel late on Oct. 1.
Israel’s air defenses intercepted most of the 180 incoming missiles, according to local reports.
Meanwhile, the Crypto Fear & Greed Index fell 8 points into “Fear” territory, scoring 42, after having been in “Greed” territory just a week prior.
Crypto trader Rekt Capital highlighted that while Bitcoin has dipped into the “low $60,000s” several times in 2024, “people become equally fearful on a pullback and for a different reason every time.”
Bitcoin’s nearly 4% pullback triggered the liquidation of approximately $128.49 million in long positions, according to the latest data.
This follows a remarkable 25% surge over 21 days, during which Bitcoin reached $66,331 on Sept. 27 before consolidating and retracing toward $60,000 in the subsequent four days.
Veteran trader Peter Brandt commented that the recent Bitcoin rally “did not disturb the 7-month sequence of lower highs and lower lows.”
“Only a close above $71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,” Brandt argues.
