What a surprise! Could Bitcoin repeat its 2022 downturn? A technical analysis published on October 26 put the $70,000 support level and the $50,000–$40,000 risk zone firmly on the table—a sobering prospect. The author also noted that they missed the roughly 50% rebound from $57,880, but said traders can’t be expected to catch every move.
The author says BTC’s monthly momentum has weakened after a strong rebound, though there has been no aggressive selling so far. October also saw a pullback of about 8%. More notably, Bitcoin’s usual seasonal strength from September to October failed to materialize. The author speculates that market structure may be changing as large investors gradually exert more influence, while also cautioning that the current price action still has similarities to 2022.
Rather than rush to predict $40,000 or $100,000, the analysis focuses on price action itself. The author identifies $76,000, $73,000, and $68,000 as important price reaction zones. If the bulls can hold this area with convincing price action, the author would view it as a potential buying zone, while emphasizing the importance of risk management. Conversely, if heavy selling emerges in November and the month closes with a large bearish candle, the author will reassess their risk exposure, as that would raise the possibility of a repeat of the 2022 scenario.
The outlook for the market is neutral to cautious: holding the zones above and seeing confirmation would be bullish conditions in the author’s view; heavy selling and a large bearish candle in November would signal rising downside risk. It’s important to distinguish these as the author’s technical analysis and scenario projections—the original article does not establish that the market has already entered either outcome.
The author concludes by stressing that trading should follow what is happening, rather than cling to an expected price path; neither bullish nor bearish views can force the market to behave as anticipated. With support near $70,000 and November’s monthly performance in focus, would you pay more attention to price confirmation, or worry about a repeat of 2022-style risk?
$BTC
Source: TradingView Crypto Ideas
The author says BTC’s monthly momentum has weakened after a strong rebound, though there has been no aggressive selling so far. October also saw a pullback of about 8%. More notably, Bitcoin’s usual seasonal strength from September to October failed to materialize. The author speculates that market structure may be changing as large investors gradually exert more influence, while also cautioning that the current price action still has similarities to 2022.
Rather than rush to predict $40,000 or $100,000, the analysis focuses on price action itself. The author identifies $76,000, $73,000, and $68,000 as important price reaction zones. If the bulls can hold this area with convincing price action, the author would view it as a potential buying zone, while emphasizing the importance of risk management. Conversely, if heavy selling emerges in November and the month closes with a large bearish candle, the author will reassess their risk exposure, as that would raise the possibility of a repeat of the 2022 scenario.
The outlook for the market is neutral to cautious: holding the zones above and seeing confirmation would be bullish conditions in the author’s view; heavy selling and a large bearish candle in November would signal rising downside risk. It’s important to distinguish these as the author’s technical analysis and scenario projections—the original article does not establish that the market has already entered either outcome.
The author concludes by stressing that trading should follow what is happening, rather than cling to an expected price path; neither bullish nor bearish views can force the market to behave as anticipated. With support near $70,000 and November’s monthly performance in focus, would you pay more attention to price confirmation, or worry about a repeat of 2022-style risk?
$BTC
Source: TradingView Crypto Ideas
