Bitcoin can continue its current form in unknown regions if it closes its price range from $118,000 to $120,000 to the approximately $118,000 to $120,000 range.
It’s “Uptober” and Bitcoin is already in the talk of the talks. Usually marked with a positive price action, Bitcoin started as bullish as many would expect in October, with a 2.86% rally regaining $117,000.
Can you see the higher price? Analyst Egrag Crypto believes that. His Wednesday Bitcoin price forecasthe identified the encouraged developments in Bitcoin and revealed what needs to happen to continue the upward trend.
Bitcoin bullish case
He paid attention to that case Bitcoin It’s closed with three daily candlesticks, about $118,000 and $120,000, and could be very bullish for cryptocurrency. Surprisingly, the price range coincides with the downward channel, with Bitcoin not being able to trade above previously, the highest ever in August, at $124,457.
Notably, EGRAG suggested that the closure beyond the $118,000-$120,000 supply zone could raise Bitcoin to a new all-time high of $128,336, coinciding with the 1.414 Fibonacci extension. From $117,000 from the current price, this represents a 10% increase.
Bitcoin’s bearish case
On the other hand, if Bitcoin did not invade the level, market commentators proposed that they continue to integrate within a symmetrical triangle. This trend causes BTC to move sideways and fill in the triangle.
His chart represents a 6.4% retracement from this point onwards, showing a major support level of around $109,449. Nevertheless, the drops towards this seem to be lower than they are for now as Bitcoin continues to increase at the time of writing.
