Corrective Phase and Regain

Bitcoin is poised for a potential correction to $59,500, a key support level, before resuming its bullish momentum with targets in the $64,000 to $66,000 range.

10/11/20241 min read

Bitcoin may correct to $59,500, setting the stage for a new uptrend targeting $64,000 to $66,000. Wa
Bitcoin may correct to $59,500, setting the stage for a new uptrend targeting $64,000 to $66,000. Wa

Our current outlook for Bitcoin suggests that, over the coming days, the asset may experience a short-term correction down to the key support level of $59,500.
This level has previously acted as a significant zone of buying interest, and we anticipate it could serve as a strong foundation for Bitcoin to establish new upward momentum.
Such a correction would allow for consolidation, enabling market participants to accumulate at a lower price point, which often leads to a healthier and more sustained uptrend.
Following this corrective phase, we expect Bitcoin to regain bullish momentum and start a new upward move. The initial targets for this movement are projected in the range of $64,000 to $66,000.