Although Bitcoin (BTC) is largely back in the sideways trading action, much like the majority of assets in the cryptocurrency market, some crypto experts have noted indicators that point to the possibility of a major move in the following weeks.
Indeed, renowned crypto analyst Crypto Rover pointed out that “the next BIG Bitcoin move is happening in the coming 5-10 weeks,” although this move could go in any direction at this point, according to his chart pattern analysis shared in an X post on October 4.
Specifically, the expert has observed two possible price targets, depending on which trend prevails – the 95-week downtrend or the 46-week uptrend. If the former holds, the maiden cryptocurrency could end up at a bearish target of $12,000. On the other hand, the bullish target from the latter scenario is $63,000.
On top of that, another pseudonymous crypto analyst, known as el_crypto_prof and Moustache, has shared that “something big is coming for BTC,” based on the comparisons of Bitcoin’s price action in 2015, 2019, and 2023. As the experts explained, the same result awaits “no matter which chart I look at at the moment.”
Indeed, the previous occasions have seen each massive move by the decentralized finance (DeFi) asset precede the same pattern – multiple bottoms, a deviation from the trend and a retest in 2015, bottoms, deviation, and retest in 2019 followed by the second Covid-19 induced retest in 2020, as well as the bottoms, deviation, retest, and second retest in 2023.
Bitcoin price analysis
Until this massive move happens, Bitcoin is currently changing hands at the price of $27,617, recording an increase of 0.45% on the day, a 4.48% gain across the previous week, and an advance of 7.44% on its monthly chart, as per data on October 5.
Meanwhile, crypto analyst Stockmoney Lizards has predicted that “we will likely see a start of the bull run slightly before halving,” based on multiple factors, including the pattern, surroundings, and general situation, as Finbold reported on October 4.
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