Bitcoin has once again formed a W pattern. Will it break through the $70,000 barrier this time? The performance of Bitcoin in October has been relatively strong. At this stage, there aren't any significant positive stimuli, just the influx of funds following the Federal Reserve's interest rate cuts.

Even now, it is difficult to assess where the bottom of Bitcoin lies. The previous level of $53,000 might seem a bit extravagant now, but before a real bull market begins, encountering a black swan event is also quite normal.

The W pattern indicates a phase of bottom formation, and now we are at a high point. It depends on whether it can break through, the strength of the breakout, etc. The trading strategy for fellow traders remains unchanged; $69,999 is still a very cost-effective short position. It might break through or spike to $70,000. One thing is very certain: the market needs a significant drop to disrupt the current order!

Currently, the major players do not have the initiative, and the market is in an awkward position for both bulls and bears. However, the cost-effectiveness of shorting is far greater than that of going long. Based on the current trend, we will soon witness the desired market movement. Let’s wait and see!