Bitcoin: Shifting The Pattern
Some exciting developments are unfolding for Bitcoin.
It’s starting to look more favorable than it did a month or two ago, mainly due to a possible break of the weekly downtrend. Let’s break down the current situation and what it might mean for the price action moving forward.
Key Levels to Watch
For Bitcoin to truly confirm a bullish shift, it needs to break above the $70,000 level. If it can do that in the next three to five days, it would deepen the right-translated cycle, making it even more favorable. A breakout above this key level could lead to a quick pullback—a shakeout of sorts—before resuming the upward trajectory.
On the weekly chart, the structure remains unchanged so far, with lower highs continuing to be respected. If Bitcoin can push through $70,000, we’ll see the first higher high, which is often the beginning of a trend reversal. Breaking this declining trend line would be another positive signal, indicating that the lows are in and that we’re headed for higher levels.
Monthly Chart
The monthly chart is also showing some promising signs. We haven't seen Bitcoin close below the 10-month moving average (blue), which is still rising. This signals that, despite recent consolidations, the market remains strong. The monthly candle is breaking the existing pattern, and that visual difference alone suggests a positive shift.
Even though the sentiment around artificial intelligence (AI) and other market factors has been hypersensitive, Bitcoin’s price action shows that it’s holding steady. The long consolidation period we’ve seen—around 30%—has been mild by Bitcoin standards, which is another indication of strength.
What’s Next?
There's that one major volatile event coming up that could really shake things up—the early November elections. Political uncertainty tends to increase market volatility, and Bitcoin could see a sharp move in either direction depending on the outcome and market sentiment surrounding it. We should always expect Bitcoin to dip into the low $60,000s as a result, which could end up being one of the last good buying opportunities before the real fun begins.
Stay patient, and keep an eye on these key levels. Once Bitcoin breaks out, it may not look back.
Thanks for reading. If you're enjoying these insights, hit the button below to unlock all my exclusive content.
Written by Timothy Assi, a popular investor on eToro.
Connect with me on:
🟦 Linkedin: Timothy Assi
🟪 Instagram: @panic_drop
⬛ X: @timoassi