After briefly rising to over $63,000 in recent days, renewing investors’ hopes for an up-tober, Bitcoin once again disappointed that excitement by falling to the $60,000 region today.

This underwhelming performance prompted CryptoQuant analyst Aytekin to raise and share an important question: Is it reasonable to expect a final shakeout before the next big move?

Bitcoin’s Next Move: Major Correction in Sight? In a recent post on the CryptoQuant QuickTake platform, the analyst explained that Bitcoin is currently in a high open interest zone, having broken above the critical $18 billion level.

Historically, when open interest levels reached this point, large corrections followed.

The analyst commented that current market sentiment appears divided, noting: The market seems undecided on many counts, with some believing the next major upward move is on the horizon, while others think BTC’s bearish trend remains strong.

A common belief is that BTC may need a final jolt before climbing to a new all-time high (ATH).

Aytekin added that funding rates, although slightly above the 200-day simple moving average, suggest that long traders are still dominant.

However, significant price corrections in the past have often occurred when funding rates turned negative, which has not yet happened.

Aytekin concluded that while a final shakeout could occur, the depth of the correction may not be as severe given the relatively moderate funding rates.

BTC Price Outlook

As Bitcoin has struggled to break through key resistance levels, its recent price action reflects continued indecision in the market.

In recent weeks, Bitcoin has maintained stability above the $60,000 mark but has failed to make a significant move to reclaim $70,000.

Over the past 24 hours, Bitcoin has fallen by 2.9%, currently trading at $60,485.

This drop follows the asset's brief rally to $63,774 earlier in the week, which generated optimism for a possible move towards $65,000 and then $70,000.

Prominent crypto analyst Ali recently commented on Bitcoin's price action, noting that Bitcoin is still trading within a descending parallel channel.

According to Ali, the asset was rejected at the upper border of this channel, signaling the potential for further decline.

We could see a drop to the middle edge at $58,000 or even the lower edge at $52,000, Ali said in a post on X.

He emphasized that a bullish breakout is unlikely unless Bitcoin breaks above the $66,000 level, a price point that has acted as a significant resistance point in recent weeks.

#Bitcoin remains stuck in a descending parallel channel.

After the recent rejection at the upper border, we could see a drop to the middle border at $58,000 or even the lower border at $52,000.

A bullish breakout will not happen until $BTC surpasses $66,000! — Ali () October 9, 2024.

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