Bitcoin, which experienced a 4 percent drop following Iran's missile attack on Israel yesterday, has since climbed to $61,800 after falling to a two-week low of $60,300.
After this decline, investors were looking for answers to questions such as “Is the bear market back?” and “Will the rise continue?” while experienced analysts Peter Brandt and Willy Woo provided the latest situation assessments.
Stating that the latest rise in Bitcoin did not break the downtrend that we have been seeing for 7 months, that is, the series of lower highs and lower lows, Brandt stated that the upward movements that have been going on for about 2 years since the beginning of 2023 are still not confirmed.
Explaining the level that the bulls need to regain for a bull trend in Bitcoin to be confirmed, Brandt said that “a major uptrend will only begin if Bitcoin can close above $71,000.”
“The recent rally in Bitcoin did not break a 7-month long streak of lower highs and lower lows.
“Only if Bitcoin closes above the $71,0000 level and reaches a new ATH will the current downtrend be broken and the ongoing rally since November 2022 will be confirmed.”
New ATH in Bitcoin Will Take Time!
Commenting on Brandt's post, analyst Willy Woo said, “I don't think Uptober will happen,” adding that the expected rise in October will not happen.
Stating that Bitcoin is trying to move upwards, Woo stated that the BTC structure shows a downward trend in the medium term. At this point, the analyst stated that ATH will take time and said:
“Structure is bearish in the medium term but price is trying to show an upward trend. ATH will take time.
In the short term, the structure suggests a 1-3 week pause to cool down before the next bullish attempt.
“I don't think there will be an 'Uptober'. This month, November and December may be flat. But in the long term, I expect an increase.”
Structure mid term is bearish moving to neutral and trying to get bullish. ATH will take time.
Short term structure suggests 1-3 wks stand down to cool off before the next bullish attempt.
I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties.
Long term…
— Willy Woo (@woonomic) October 2, 2024
*This is not investment advice.
