Crypto analyst MMBT Trader has indicated that the Bitcoin price is currently retesting a bullish channel at the $65,000 price point. He also outlined what traders should anticipate if the leading cryptocurrency remains above or breaks below this bullish channel.
Bitcoin Price Retesting $65,000: What’s Next?
According to MMBT Trader in a TradingView post, the $65,000 support level is now the key daily support, and traders can expect a valid retest of the channel breakout. The analyst suggested that if the Bitcoin price maintains this support, there could be a “significant pump” leading to a potential new all-time high (ATH).
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On the other hand, if the Bitcoin price cannot maintain the $65,000 bullish channel, a downward breakout could result in a rapid decline to the $60,000 support level. MMBT Trader even mentioned the chance of Bitcoin retesting $50,000 if it fails to stay above $65,000. In the meantime, a breakdown would imply that the leading cryptocurrency might consolidate for a period before attempting to break its ATH at $73,000.
Analyst Justin Bennett recently pointed out the $65,800 level as the initial test for the Bitcoin price. He also mentioned that BTC could fall to around $63,000 if it does not hold above this level. However, successfully maintaining above this price range would invalidate his trade scenario.
Thus far, Bitcoin has remained above $65,000 since it regained $67,000 following a price dip two days ago. Nevertheless, Bennett cautioned that BTC is not out of the woods yet, despite the rebound on October 23. He stated there is no confirmed bottom as long as the leading cryptocurrency stays below $68,200.
BTC Requires a Weekly Close Above This Level
In a post on X, crypto analyst Rekt Capital noted that a weekly close above $66,200 would confirm a successful retest. He pointed out that the leading cryptocurrency has shown encouraging signs so far, having produced a wick below the $66,200 level and subsequently returning above it.
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His accompanying chart showed that a drop in Bitcoin price below $66,200 before the weekly close could trigger further declines below the $60,000 support level.
Meanwhile, bearish analyst CrediBULL Crypto predicted that the Bitcoin price might retest the $68,000 range to “entice some final longs” before experiencing a “rug pull” to the $60,000 support level. This analyst believes that it is still premature to call for a new ATH for BTC, considering that it still needs to retest lower levels.
As of this writing, the Bitcoin price is hovering around $67,000, showing an increase over the past 24 hours, based on data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
