Bitcoin at a crossroads: Will it plummet to $52 or soar to $130?

Global cryptocurrency markets are facing selling pressure amid geopolitical tensions and massive ETF outflows, which contradicts many expectations of a bullish October. Bitcoin has fallen from recent highs of around $5,000 to below $66,000. With a critical moment approaching, one crypto analyst points to a key support level that will determine whether Bitcoin breaks through or breaks through.

Bitcoin price to drop to $52,000?

According to Ali Martinez, a well-known crypto chartist, Bitcoin price action could form a bearish pattern, leading to a sharp drop. According to him, if price action continues along the descending parallel channel pattern, Bitcoin could drop to $52,000. In this pattern, Bitcoin price moves within two downward sloping parallel lines, encounters resistance at the top, and tends to fall to the support level of the lower line. As long as the price is within this range, it tends to be bearish, but a breakout of the channel could lead to a bullish reversal.

Bitcoin rebound to $130,000?

Another analyst, Mags, believes that Bitcoin could be about to surge significantly, which could push the value to $130,000. Mags said that the Bitcoin price is forming a right shoulder, which could prompt a rebound soon. If the pattern is completed, the Bitcoin price could approach $130,000. If Bitcoin follows the inverse H&S pattern trajectory, it would be significant for the cryptocurrency as it has been struggling to gain strong upward momentum recently.