Although the current market sentiment is bearish, specialists anticipate that Bitcoin’s (BTC) recent decline is merely a temporary hurdle, with the cryptocurrency set for potential growth.
As Bitcoin approaches the $110,000 support threshold, analysts suggest it might be on track for a dramatic price spike known as a blow-off top. This phenomenon involves rapid buying activity leading to a steep rise in value, often followed by an abrupt correction.
On October 11, in an X post by Glassnode‘s co-founders Jan Happel and Yann Alleman—who go by the alias Negentropic—they remarked that this sudden drop underscores Bitcoin’s robustness.
Their analysis indicated a short-term dip around $118,000 but stressed that this occurrence is just a minor obstacle. They foresee ongoing volatility over the next few days but expect prices to ascend higher before month’s end.
Bulls are currently needed to ensure Bitcoin holds above the $110,000 support level, allowing it to potentially break through and regain control of the $115,000 resistance area.
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