CandleFocus Bitcoin Failure to Close Above $68K Could Trigger 30% Price Drop to $47K: Analysis
2024-10-16
Author: Content Editor
Bitcoin is currently challenging a long-term resistance zone after breaking above its August highs. Analyst Rekt Capital notes that this resistance level has historically caused problems for Bitcoin and led to price crashes of up to 18%. However, if Bitcoin can close above this resistance zone, it could signal a full-scale breakout and a reversal of the current downtrend pattern. Bitcoin briefly re-entered the $67K price range but experienced a sudden drop to $66K before recovering. Rekt Capital warns that a failure to close above the resistance zone could lead to a 30% price correction, potentially bringing Bitcoin down to $47K.
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