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Bitcoin Forecast, 28-10-2024

Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Forecast for the Week of 28-10-2024

Bitcoin Forecast

Market analysis and forecast for the week
October is coming to an end, and it’s a bullish month, with Bitcoin up 6% so far. If we look at last year’s trends, growth may continue in November-December, when green months were historically observed. Moving on to the technical component: on the monthly timeframe, we see a correction to 72,000 after reaching 73,000, which is supported by the Fibonacci indicators. The next goal is 85,000.

The classic figure of technical analysis is noticeable on the weekly chart – “a cup with a handle”. We have discussed this pattern before and now I see that the market has gone through a small correction after the previous rally. This is normal and I expect further upward movement in the coming weeks, with the possibility of reaching 70,000 already after a short pause. The CCI indicator also points to a positive outlook for growth.

What to expect on the daily schedule

On the daily chart, we can see a support zone at the 67,000 level that Bitcoin is holding as it gathers liquidity. We are likely to remain in this corridor this week until the US election, which could be the deciding factor for further movement. The election will affect investor sentiment, so some minor swings are possible, but I don’t expect a big drop below 60,000.

Overall forecast for the week: possible flat with slight fluctuations in the range of 67,000-69,000. Indicator support confirms the stability of Bitcoin at these levels.

Summary and recommendations

We continue to monitor the market and analyze the situation. If you haven’t subscribed to my YouTube channel or joined my Discord, I encourage you to do so for even more useful information and insights. Stay tuned and do your research, because the crypto market is always unpredictable.