- Bitcoin price prediction reveals that BTC hit the H&S low.
- BTC is now coming out of head and shoulder movement after hitting $13000 low.
- BTC price is now likely to move towards the $14000 mark.
The king of cryptocurrency has just completed a head and shoulder (H&S) formation on the charts. The H&S formation took the cryptocurrency price to the $1297 low at one point.
The H&S pattern started forming on the 26th of October, and by day end on 27th, the pattern had primed. As expected, the cryptocurrency managed to stay afloat for a few hours before declining and currently stands at the $13100 mark.
Bitcoin price prediction: Where is BTC headed?
In the past 24-hours Bitcoin price has been hovering around the $13300 and $13000 marks. However, Bitcoin price prediction by cryptocurrency analyst Margin Buu explains that the king will go through a retesting phase.
The analyst explains that the king is in a relatively weaker position than the previous week. The weak altcoin market demand is also affecting Bitcoin’s position in the market. The king could not hold the $13200 support and is now retesting the $12900 support levels to break through to the previous mark. If the king manages to hold above $13200 for 24-hours, bearish momentum is likely to build.
Trading view analyst Wyckoff mode explains in his 2-day Bitcoin price prediction that the king of cryptocurrency is treading on slippery slops. If the king manages to hold ground above $13,000, it will likely make it back into a bullish momentum.
Mode further that the price action to likely to remain the same until the Green Line falls in the 2-Day to make contact with the Red RSI. That may not occur until the NEXT 2-Day Candle. Then the next 2-Day candle after that (October 31, 2020), we could see a chance for a drop to the Yellow B-Band Basis in the 2-Day but at least to the White upper B-Band the 2-Day, towards a bullish momentum.
US elections affecting Bitcoin price?
Given the current situation in the United States, analyst Pixi believes that the king will likely drop down to the $8000 mark and, if it loses support, further below to the $5000 range. However, the Bitcoin price predictions seem a little far-fetched since none of the other analysts are reporting such a possibility.
Analyst Thisma explains that the king’s cryptocurrency is shaky at the moment and is likely to drop back towards the $12800 mark. But given that the Trading View technical indicators are pointing towards a buy signal, BTC is likely to hold ground.
The US election is due on the 3rd of November, and the market is expected to slow down in the coming week by a good margin. The good news is that the crypto fear and greed index is also presenting a good greed score of 67, and Bitcoin has enough margin to stabilize between now and election day. Cautious trading is advised as always.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.