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Bitcoin’s short-term structure signals that most of October could be a cooling-off period before the “next bullish attempt,” according to a crypto analyst.
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Bitcoin’s (BTC) chart structure is still struggling to break into bullish territory, and a retest of its $73,679 all-time high might take longer than the optimists hope, according to crypto analysts.
“Structure mid-term is bearish, moving to neutral and trying to get bullish. ATH will take time,” popular Bitcoin analyst Willy Woo opined in an Oct. 2 X post.
Bitcoin’s next attempt may take another 3 weeks
He pointed out that Bitcoin’s short-term structure signals that the next one to three weeks may be a cooling-off period before “the next bullish attempt.”
“I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties,” Willy Woo stated. “Long-term is bullish,” he added.
According to TradingView data, Bitcoin’s price is $61,243 at the time of publication, down 3.98% since Oct. 1.
Bitcoin is down 4.72% over the past seven days. Source: TradingView
The asset’s price saw a decline following a major missile strike by Iran, reportedly targeting sites across Israel late on Oct. 1.
Israel’s air defenses shot down most of the 180 incoming missiles, according to local reports.
Meanwhile, the Crypto Fear & Greed Index dropped 8 points into “Fear” territory with a score of 42, after being in “Greed” territory just seven days prior.
Bitcoin $60K drawdowns rattle volatile traders
Crypto trader Rekt Capital pointed out that even though Bitcoin has dropped into the “low $60,000s” multiple times in 2024, “people become equally fearful on a pullback and for a different reason every time.”
Related: ‘Quantile Regression’ Bitcoin price model hints at $275K BTC by November 2025
Bitcoin’s nearly 4% pullback triggered liquidations of around $128.49 million in long positions, the latest data shows.
$128.49M in Bitcoin long positions liquidated in the past 24 hours. Source: CoinGlass
This comes after Bitcoin surged 25% over 21 days, hitting $66,331 on Sept. 27, before consolidating and retracing toward $60,000 in the following four days.
However, veteran trader Peter Brandt explains that the recent Bitcoin rally “did not disturb the 7-month sequence of lower highs and lower lows.”
“Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force,” Brandt argues.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
