Bitcoin Price Prediction: BTC Breach $65K, What’s Next for BTC Bulls?
Bitcoin (BTC) has surged to levels not seen in nearly two months, pushing past the $65,000 mark. In the daily chart, yesterday’s recovery rally highlights a bullish momentum within a larger channel pattern.
For the past six months, Bitcoin has been trading within a bullish flag pattern. This bull cycle has now surpassed the 50% Fibonacci retracement level but is facing resistance near the critical 61.8% level.
A positive indicator is that Bitcoin has crossed both the 50-day and 200-day Exponential Moving Averages (EMA), which has helped avoid the dreaded death cross. With this move, the 50-day and 200-day EMAs are now in a positive trend, offering dynamic support to BTC’s price action.
In addition, the current bull cycle within the channel shows a strong double-bottom reversal, characterized by a V-shaped recovery. This pattern has broken above its neckline, aligning with the 50% Fibonacci retracement level.
This rally occurs just before the expiration of over $5.8 billion in options contracts. CoinGabbar, believe could introduce increased volatility to the market.
The upward trend for Bitcoin started last week following the U.S. Federal Reserve’s decision to cut interest rates by 50 basis points, the first rate cut since the Covid pandemic. This unexpected cut has led traders to anticipate another rate reduction at the Fed’s next meeting on November 7th, with a 50-basis-point cut being the most likely scenario according to the CME FedWatch Tool.
Moreover, Bitcoin saw significant inflows into BTC Spot ETFs yesterday, with a total of $365.57 million, further boosting the market’s bullish outlook.
