Crypto analyst Justin Bennett has predicted that the Bitcoin price could retrace to $63,000 following the recent market rally. This prediction comes as the flagship crypto targets a new all-time high (ATH) following a weekly high of around $69,000, its highest level since late July.
Why Bitcoin Price Could Retrace $63,000
Bennett stated in an X post that he wouldn’t be surprised to see BTC wipe out this week’s leveraged buyers with the restest of the month open at around $63,000. He made this statement while highlighting a potential rising wedge developing alongside a bearish divergence. His accompanying chart showed that BTC could drop to around $63,276.
The analyst also noted that this week’s Bitcoin price rally was primarily driven by the perpetual market, which he claimed is not “conducive” for a sustainable breakout, especially with the open interest (OI) near its late July highs.
Crypto analyst CrediBULL Crypto also warned about the spike in open interest and suggested that a price correction was imminent. He noted that the OI has officially surpassed the level it was at before the last BTC price drop from $70,ooo to $49,000.
Like Bennett, CredibBULL Crypto had earlier in the week warned that a price correction was imminent based on his claims that the derivatives market is what is driving the recent market rally. The analyst suggested there could still be a Bitcoin price crash to $50,000 before it surpasses its current ATH of $73,000.
However, amid these bearish predictions, market experts have provided a bullish outlook for BTC. As to short-term targets, Bitwise CIO Matt Hougan predicted that BTC could reach a new ATH before the US election. Standard Chartered also predicted that the flagship crypto will surpass $73,000 before the November 5 US presidential elections.
The Bull Run Is About To Kick Into Full Gear
Crypto analyst CryptoCon indicated in a recent X post that the Bitcoin bull is about to kick into full gear. The analyst also suggested that the Bitcoin price will unlikely retrace to as low as $40,000 again, as some might expect. He also explained that the bull run means new ATHs and a “year of great price action for all crypto.”
CryptoCon is confident that the Bitcoin bull run is almost here because of the Price Oscillator, which he said confirms that BTC has completed all of the local highs of the mid-cycle. In line with this, he reaffirmed that up next is the bull market and the “first and final cycle tops.” His accompanying chart showed that the BTC price could reach a market top of $120,000 sometime next year.
Real Vision’s Chief crypto analyst Jamie Coutts predicted that the Bitcoin price could reach $110,000 between April 2025 and July 2025. He claimed this will happen as the global money supply rises to $500 trillion.
Matt Hougan is also confident that the BTC price will reach six figures. He cited factors like the US election, Spot Bitcoin ETFs, rate cuts, and increased demand for the flagship crypto among whales as what will drive this price surge.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply