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Amid rising global tensions and a sharp 3.98% price decline, Bitcoin’s market structure faces more delays in its path to $74K. Experts suggest a consolidation phase before any significant bullish movement.
Analysts Predict Slower Ascent for Bitcoin
It may take more time than the optimists anticipate for Bitcoin's chart structure to enter the positive zone, and the cryptocurrency's all-time high of $73,679 may not be retested for some time.
“Structure mid-term is bearish, moving to neutral and trying to get bullish. ATH will take time," Bitcoin expert Willy Woo said in a post on October 2nd.
Next Phase: Consolidation Before Growth
According to Cointelegraph, he suggested that the next one to three weeks could be a time of consolidation before "the next bullish attempt" based on the short-term structure of Bitcoin.
"I don’t think we get Uptober, sideways Oct, and Nov-Dec for laser eye parties," stated Willy Woo. "Long-term is bullish."
Geopolitical Tensions Impact Bitcoin Price
At the time of writing, the price of Bitcoin was $61,243, down 3.98% from Oct. 1, according to statistics from TradingView.
After Iran launched a massive missile strike late on October 1 allegedly targeting locations across Israel, the asset's price dropped. Reportedly, the majority of the 180 missiles that were aimed against Israel were intercepted by the country's air defenses.
Market Sentiment Shifts as Fear Index Drops
At the same time, the Crypto Fear & Greed Index went from being in "Greed" just seven days ago to the "Fear" zone with a score of 42, an eight-point dip.
According to crypto trader Rekt Capital, Bitcoin has hit the "low $60,000s" on many occasions in 2024, but "people become equally fearful on a pullback and for a different reason every time."
Bitcoin's Recent Drop Triggers Liquidation Wave
According to the most recent statistics, long positions in Bitcoin were liquidated for around $128.49 million when the price fell nearly 4%.
This follows a two-week 25% spike in Bitcoin price, which peaked on September 27 at $66,331 before settling into a four-day retracement toward $60,000 before continuing its ascent.
