Bitcoin (BTC) Weekly Report: October 12 to October 19, 2024
Geopolitical Impact: Tensions between Israel and Iran could cause rapid shifts in Bitcoin’s price.
Monitoring developments in the region will be critical, as geopolitical events could quickly alter Bitcoin's trajectory.
Current Price (October 12, 2024): $63,151
Support Levels: $60,500 - $61,000
Resistance Levels: $64,000 - $65,000
Expected Range: $62,000 to $65,000
Projected Daily Volatility: 1-3%
Scenario Forecast and Probabilities
- Consolidation between $62,000 and $64,000 Probability: 50-60% Details: Bitcoin may remain in a consolidation phase while testing resistance at $64,000. Investors might wait for stronger economic signals before initiating major moves.
- Bullish Breakout to $65,000 - $66,000 Probability: 30-35% Trigger: Positive macroeconomic events, like stimulus announcements from China, could drive Bitcoin above resistance, further fueled by institutional accumulation.
- Retracement to $60,500 - $61,000 Probability: 25-30% Trigger: Profit-taking by whales or failure to break the $64,000 resistance could temporarily push Bitcoin towards the lower support level near $60,500.
Daily High-Low Projections (October 12 - October 19, 2024)
| Date | Projected High | Projected Low |
|---|---|---|
| October 12, 2024 | $63,500 | $62,500 |
| October 13, 2024 | $64,000 | $62,800 |
| October 14, 2024 | $64,200 | $63,000 |
| October 15, 2024 | $64,500 | $63,200 |
| October 16, 2024 | $65,000 | $63,500 |
| October 17, 2024 | $65,200 | $63,800 |
| October 18, 2024 | $65,500 | $64,000 |
| October 19, 2024 | $66,000 | $64,200 |
Market Insights and Key Influencing Factors
- Bullish sentiment could push Bitcoin toward $65,000 or higher if resistance at $64,000 is broken, driven by improving liquidity and institutional buying.
- Macroeconomic developments, such as China’s stimulus updates or central bank decisions, will play a critical role in determining market direction.
- Profit-taking at $64,000 could trigger a temporary correction toward $60,500, though strong support at that level is likely to prevent deeper declines.
- Historical market behavior suggests any consolidation phase may precede further upward momentum.
Series7Trader
Technical Opinion. Not financial advice. Do your own research.
