Bitcoin has experienced a notable price rise, breaking above a descending falling wedge pattern. It reached $67,803. However, confirmation of this breakout is pending until Bitcoin closes a daily candle beyond this resistance.
Analysts are offering predictions on Bitcoin's next targets. High open interest and positive ETF flows indicate bullish signs, although net flows on derivative exchanges remain neutral. Dollar-cost averaging is advised during this consolidation phase.
Bitcoin is facing minor corrections, trading at $66,047. Analysts remain optimistic about further upward movement, predicting potential targets of $88,000 to $90,000 in November. Key resistance at $68,000 needs to be breached for this to materialize.
Historical analysis shows progressively deeper pullbacks from the downtrending channel top. Bitcoin's current movement is seen as a chance to weaken this point of rejection, potentially paving the way for upward movement.
