- According to a chart pattern analysis shared by Crypto Rover on October 4th, “a BIG Bitcoin move will happen in the next 5-10 weeks,” but this move could be in any direction.
- In particular, the analyst observed two possible price targets depending on which trend prevails – the 95-week downtrend or the 46-week uptrend.
- As of October 5th, Bitcoin is trading at a price of $27,645 with a 0.45% increase in the intraday price based on the data.
Bitcoin has managed to hold above the critical level of $27,000: Bitcoin is expected to make a massive move in the next 5-10 weeks!
Bitcoin Could Initiate a Decisive Price Move
While Bitcoin (BTC) has been mostly trading sideways like most assets in the cryptocurrency market, some crypto experts have noticed indicators that suggest the possibility of a significant move in the coming weeks.
Indeed, the renowned crypto analyst Crypto Rover, in a chart pattern analysis shared on October 4th, stated that “a BIG Bitcoin move will happen in the next 5-10 weeks,” but this move could be in any direction.
In particular, the expert observed two possible price targets depending on which trend prevails – the 95-week downtrend or the 46-week uptrend. If the former dominates, the bear target for the leading cryptocurrency could be $12,000. On the other hand, the bull target from the second scenario could be $63,000.
Additionally, another crypto analyst known as el crypto prof and Moustache compared Bitcoin’s price movements in 2015, 2019, and 2023, stating “something big is coming for BTC.” Experts noted that the same conclusion applies to “any chart I look at right now.”
Indeed, previous instances saw every major move in the decentralized finance (DeFi) asset preceded by multiple bottoms, a trend deviation in 2015, bottoms, deviations, and repetitions in 2019, followed by a second Covid-19-induced repetition in 2020, and in 2023, a second bottom, deviation, repetition, and second repetition.
What’s the current state of Bitcoin’s price?
Until this significant move occurs, Bitcoin is trading at a price of $27,645 based on October 5th data, with an intraday increase of 0.45%, marking a 4.48% increase in the weekly chart and a 7.44% increase in the monthly chart.
Meanwhile, crypto analyst Stockmoney Lizards stated on October 4th, as reported by COINOTAG, that based on various factors such as formation, environment, and general conditions, “we will most likely witness the beginning of a bull run before the halving.
