Bitcoin (BTC) fell below $ 62,000 on October 26, as the launch of the third regulated U.S. Exchange Traded Fund (ETF) failed to shake sideways price movement.
$ 61,600 support target for BTC
Data from Cointelegraph Markets Pro and TradingView show that BTC / USD will hit daily lows as US markets open on Tuesday.
The latest ETF, the VanEck Bitcoin Strategy ETF ($ XBTF), met with an entirely different sentiment that day as Bitcoin seemed unaffected by the prospect of new institutional participation.
Last week’s Bitcoin ProShares strategic ETF saw a surge that ended with new all-time highs for BTC / USD, levels that remain unprecedented as a correction calls into question the $ 60,000 support level la.
At the time of writing, $ 62,000 formed a volatile focus, in line with the latest price predictions from popular analysts.
“It will be a natural price action if BTC drops to ~ $ 61,600 (orange level),” Rekt Capital commented along with a new price chart.
“Stopping there would be a sign of the buyer’s strength.”
Expectations remain at all-time highs to see re-test after recent moves, while research argues that a drop to just $ 50,000 will still maintain an overall bullish streak.
As Cointelegraph reported, it is even forecasting an October closing price of around $ 63,000, creating conditions for Bitcoin to move sideways longer before the pressure builds.
PlanB, the analyst who cited $ 63,000 as the “worst-case scenario” for the monthly closing price, claims that the second game of the 2021 bull run will officially take place this week.
Altcoins due to “copy paste” from the previous bull run
Large altcoins also have similar expectations for their behavior that day, with Ether (ETH) trading at $ 4,150.
Related: GBTC offers better returns than Bitcoin ETF last week
The top ten cryptocurrencies by market capitalization have also remained unchanged for the past 24 hours – a rare period of community quiet for an asset class that’s been volatile this month.
“We knew this structure beforehand as we also had back tests before moving forward,” said Michaël van de Poppe, contributor to Cointelegraph, in his latest YouTube update.
He predicted a “copy” scenario to return in early 2021 at a later point in time, although the timeframe for this was unpredictable.
“The profit is often higher than expected,” he added.