Bitcoin Expected to Experience One Last Shakeout Soon

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Bitcoin (BTC) has experienced a significant rise over the last two weeks, coming close to the $70,000 threshold earlier this week. However, some analysts express concerns about the recent pullbacks, indicating that the cryptocurrency may be due for another correction ahead of the US Presidential election.

Will Bitcoin Experience Another Pullback Soon?

In this ‘Uptober,’ Bitcoin has seen a 12% increase since its opening price, bouncing off the $60,000 support level and regaining crucial resistance zones. In the past fortnight, BTC has bounced back 14% from the early October retracements, approaching a retest of the much-anticipated $70,000 mark.

The cryptocurrency encountered substantial resistance after breaking above the $69,000 mark, a level that has not been reached since late July. Following the failed retest, Bitcoin’s value experienced a 5.3% decline towards the $65,000-$66,000 range, and it struggled to reclaim the $67,000 level until Thursday.

Given BTC’s recent trends, some analysts believe that the leading cryptocurrency may need to prepare for another correction in the upcoming weeks. Crypto analyst Altcoin Sherpa shared his uncertainty regarding the short-term direction of Bitcoin’s “highly volatile conditions.”

Sherpa noted that the cryptocurrency could undergo one final shakeout “sometime in November.” He projected that BTC might see a pullback toward the $62,000-$64,000 range coinciding with the US Presidential election set for November 5.

However, the analyst is optimistic that Bitcoin will persevere in its bullish trend following the shakeout. Additionally, another market expert has anticipated a correction in BTC’s near future.

Analyst Crypto King argued that BTC is likely to close above $70,000 this week before encountering resistance at that key level. After this, Bitcoin could retract by 8% towards the $64,000-$65,000 range, potentially allowing altcoins to “begin moving 5-6x from their current positions,” as per the analyst.

Is BTC Positioned for a Positive Weekly Close?

Despite the gloomy projections, other investors maintain an optimistic view on the leading cryptocurrency. Crypto analyst Moustache identified the $67,000-$68,000 range as “incredibly critical support levels.” According to him, if BTC holds this support, it is likely to reach $70,000 soon.

After Bitcoin surpassed the $68,000 resistance on Friday morning, Crypto Yapper pointed out that BTC has escaped a weekly bull flag and is “poised for an exponential move.” The analyst further noted that the next key resistance level to breach before aiming for $70,000 is $69,000.

Nonetheless, he emphasized that Bitcoin must achieve a higher high to remain bullish. In a similar vein, Rekt Capital observed that BTC’s previous downtrend line is providing support, which acts as post-breakout validation.

According to the post, the cryptocurrency would achieve a bullish weekly close above the $66,300 level. The analyst also noted that if BTC closes above the $67,900 area, it will signal a “very bullish weekly close” as October concludes.

As of this writing, BTC is trading at $67,737, reflecting a modest 0.3% increase in the daily timeframe.