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October 2, 2022
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Guide & Analysis

In High Historical Week, Bitcoin seeks $ 54k

Bitcoin seeks $ 54k later this month?

Following the bullish process and hitting several ATHs, perhaps the best question would be: Bitcoin Searching $ 54k until next week?

Graph by TradingView

Analysis of CointradeCx
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This week Bitcoin reached another historic high when it hit $ 52,899.46 (on Coinbase). At the same time, the Market Cap total of all crypts reached the incredible $ 1.6 TRILLION mark.

The price of BTC is moving towards the target of our previous analysis. But what can happen after reaching $ 54k?

Bitcoin Graphical Analysis

At $ 54,000 we have a 100% target fibonacci projection. This resistance usually tends to show a stronger rejection; so we may see some correction movement at this point.

But if it breaks,
A new projection in fibo using a smaller graph (h1) suggests that a new target in 100% stay in $ 55,450 and the 161.8% target doesn’t say anything around $ 58,400.

A correction movement, also in fibonacci, with the price reaching $ 54k suggests a retraction of 38.2% at $ 50,860 – this would be a healthy correction on the intraday keeping the trend still very high.

Let’s see if the next news from the financial world corroborates FOMO’s continuity or not. In the news above, it seems that Elon Musk, this time, did not speak so positively.

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