invest

Bitcoin Forecast, 7-10-2024

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 7-10-2024

Bitcoin Forecast

Bitcoin: Overview, Forecast and Current Situation

Monday, October 7, 2024, we cover Bitcoin news on our site cryptoviktor.com. It’s an important day, as Bitcoin remains in the spotlight for investors and analysts alike. According to the latest data and analytics, the market is in a state of uncertainty, which is confirmed by the fear and greed index, which currently stands at 50 points. Such a position means that investors have not yet decided whether they are ready for further growth of the exchange rate or, on the contrary, are waiting for its correction.

But the most interesting developments are related to short positions in the market. About $112 million in shorts could be liquidated if Bitcoin hits $63,000. This provides a signal to traders of a possible surge in the value of Bitcoin and the elimination of shorts, which could trigger a new wave of buying.

Bitcoin Technical Analysis

Last week, there was an important movement in the Bitcoin market, which was reflected in the technical analysis indicators. On the monthly timeframe, we see Bitcoin price rallying after a correction to the 50% Fibonacci retracement level, a classic price recovery scenario. Now the rate has started to return to the previous peaks, and already in October we see green candles on the chart, which indicates the potential for further growth.

The cup-with-handle indicator also shows the possibility of breaking the $70,000 level in the coming weeks. Technical indicators of horizontal volumes indicate strong activity in the zone of 63-64 thousand, where a temporary stop will probably take place before continuing the upward movement. On the daily chart, you can see how the stochastic indicator has left the overbought zone and is moving towards the underbought zone, indicating a potential price recovery phase.

Fundamental factors and market sentiment

Over the past week, the market recorded an increase in investor sentiment. Of the total number of traders, more than 686 people maintain long (buy) positions, while only 199 choose shorts (sell). This indicates a strong sentiment for continued growth. The Bitcoin market may reach $70,000 in October, which will be an important milestone for the further development of the trend.

A key indicator of the fear and greed index is at 50, confirming the balance between buyers and sellers. However, technical indicators continue to show positive movement, which creates the potential for further growth in the market.

Bitcoin exchange rate forecast

Based on the current data, I predict that the price of Bitcoin will continue to rise. If the rate breaks the level of $64,000, the next target will be $70,000. However, a small pullback is possible before breaking this level, but this should not change the general trend. The main trigger for this growth will be the liquidation of a large number of short positions.

This week, you can expect a continuation of the movement to the $70,000 mark, after which a short-term correction is possible before further upward movement. This is the perfect time for those who haven’t yet entered the market, as Bitcoin is showing resilience and is poised for further growth.

Bitcoin

The Bitcoin market continues to show positive dynamics. Technical and fundamental analysis confirm the potential for growth in the short and medium term. If you’re considering investing, now might be a good time to consider your options. Follow the changes in the market and do not forget that the main indicator at the moment is the level of 64 thousand dollars, breaking through which will open the way to new peaks.

Thank you for being with us! If you are interested in receiving more such reviews, please visit cryptoviktor.com and follow the latest cryptocurrency market news and analytics.