Bitcoin will fall to 40K
2024-11-01

Bitcoin just touched the $70,000 resistance and it even moved above the 29-July peak price which sits at $70,050.  Does this means that $100,000 is now guaranteed?  What happens now?

Moving above 70,000 is definitely a major milestone and a bullish development but we would need confirmation first.  It can happen that Bitcoin pierces above this level today, moves up for a few days and comes crashing back down so we wait for confirmation.

➢ Today is a Monday and the week is just getting started.  If Bitcoin can stay above $70,000 by the end of the week, we can say that this resistance level has been conquered and we have a higher high and the first one in three months.

➢ If Bitcoin moves a little while above $70,000 but then move back down, we would say we have a failed breakout or bull-trap and this would give further strength to the bearish case.

We see a wick above 70,000 but trading volume is still low.  Wait for confirmation...

Since the month is ending this week, we can look for both a weekly and monthly close above 70,000/71,000 to get a bullish confirmation.

If Bitcoin fails to stay above this level, it means that the current rise is part of the previous inverted correction.

There is still resistance at $72,000 (7-June) and ~$74,000 (14-March).