Bitcoin Slips but Bitwise CIO Predicts a Rally to Over $100,000

Bitcoin failed to break higher yesterday, recoiling from over $69,000 to below $68,000. With this pattern printing out in the daily chart, there is a double bar bear formation signaling weakness. If buyers are in charge, these losses will easily be contained, and the coin can resume the uptrend. However, if prices continue printing lower lows, the immediate support to closely monitor is $66,000. It is a reaction level that, if broken, may trigger a sharp sell-off, effectively slowing down buyers of last week. For now, traders are watching $70,000 and $72,000 as the immediate liquidation level that must be decisively broken.

As BTC recoils, the coin risks dropping as prices remain range-bound as they did in June and July. Bitcoin is down 2% in 24 hours at press time, though gains over the last week stand at over $3%. At the same time, the average trading volume is up, expanding to over $37 billion.

The following trending Bitcoin news events are worth watching:

• Despite the correction, the CIO of Bitwise is upbeat. In his assessment, the world’s most valuable coin could break above the $100,000 level in the coming sessions. Drivers will include inflows from spot Bitcoin ETFs and economic instability.
• Germany’s prime minister thinks that if the United States adds BTC as its strategic reserve, all European countries will FOMO, pumping prices to new levels.

Bitcoin Price Analysis

BTC/USD is in an uptrend but is down at press time.

The dump of October 21 saw the coin move lower from around $70,000 below $68,000.

The result is a double-bar bearish reversal formation. Interestingly, the bar had a high trading volume, signaling interest from traders and the likelihood of the coin sliding.

Still, buyers have a chance since last week’s gains have not been reversed, and prices are above $66,000.

Accordingly, traders can look for opportunities to buy the dip above $66,000, targeting $70,000 and $72,000.

This outlook will be null should Bitcoin drop below $66,000.