Bitcoin is attempting to ditch the past week’s trading range, but longer timeframes reveal the potential for much more BTC price upside, predictions show.Now returning to test the mettle of $35,000 as support, Bitcoin is on the radar of market participants, some of whom are not discounting the possibility of a new BTC price dip.“Now the Bitcoin range has broken, its a little simpler.
Cullen added that Bitcoin would need to close a four-hour candle below the $35,000 mark to flip the mood. “No reason to be bearish until BTC close an H4 back below 35k. A dip back to test is fine & likely a #BTFD opportunity,” he said.Like Cullen, he predicted a return lower before upside continued, trapping both late longs and shorts in the process and adding to liquidations.Something like this to wipe out some late longers real quick would not surprise me.
Quick dump down into demand, late longers flushed + fresh bears pile in into demand, higher low printed, run it back up into the real pump. “Shorts shorting into support with bids stacked waiting is usually a recipe for price to squeeze/revert back to the upside,” part of an X commentary read.For popular trader Jelle, however, the outlook calls for BTC/USD to go even higher.“We’re seeing a strong start to Q4 as expected, but I do expect momentum to slowly fade in about 2–3 weeks,” he reasoned.This article does not contain investment advice or recommendations.
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