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 Rate Forecast for the week of 22-10-2024.
Bitcoin Forecast for the Week
Monthly timeframe
I, Victor from CryptoViktor UA, see that Bitcoin is going through a consolidation phase on the monthly timeframe. This pattern, which we see after the growth, indicates the possibility of a long period of uncertainty. This consolidation is expected to last for another 3-4 months, given the current market conditions.
Weekly timeframe
Moving on to the weekly timeframe, I notice that the stochastic oscillator indicator is in the underbought zone, which could cause Bitcoin to drop by about 10% from today’s prices. This decline could reach the level of $37-38 thousand per Bitcoin before halving.
Daily timeframe
There are signs of potential short-term growth on the daily timeframe. In particular, the stochastic oscillator indicates that the price may rise to $43-45 thousand this week, although this growth may be limited.
Buyer/seller sentiment
Sentiment among traders and investors is mixed. While many predict a decline, there are also strong expectations of growth. This creates a split in opinion about the future movement of the Bitcoin price.
Summary of the course forecast for the week
Overall, we can expect the price of Bitcoin to rise this week, but the general trend points to a decline over the next few months. It is important to follow market signals and adapt investment strategies to changing market conditions.
The current technical analysis for Bitcoin (BTC) presents a mix of bullish and bearish sentiments:
- Some analysts are highly optimistic, predicting a long-term bullish trend for Bitcoin with a potential target of $180,000. They emphasize Bitcoin’s consistent growth over the years and suggest that, despite potential short-term fluctuations, the long-term trajectory is upward.
- Another perspective warns of a potential end to Bitcoin’s bull market, suggesting that it will not make a new all-time high in the foreseeable future. This analysis is based on a detailed study of market cycles and technical patterns.
- A more immediate analysis sees Bitcoin in a stable accumulation phase near $38,000, with expectations of a rise to $42,000 in the near future.
- Contrarily, another analysis suggests a bearish outlook in the short term, with potential targets as low as $24,000, indicating a correction after recent gains.
- Another viewpoint sees Bitcoin regaining support after a short-term decline, with an expected increase to around $39,000.
📈 Key support and resistance levels for Bitcoin:
- Support levels are around $35,560 to $36,000.
- Resistance levels are identified at approximately $38,000 to $39,000.
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