As Bitcoin 
$90,631 price begins to hold above the significant resistance level of $65,000, experts believe that the seven-month consolidation period is nearing its end. Last week’s rally may serve as a precursor to reigniting the BTC bull market that started in 2023.
Bitcoin’s Similar Price Movements
Vettle Lund, a senior analyst at K33 Research, stated that the current crypto market structure closely resembles that of a year ago. Lund noted sharp movements in open interest for futures due to ETH’s base following BTC and more aggressive behavior from futures traders.
K33 Research – Vettle Lund: “The current crypto market structure closely resembles that of a year ago.”
Impact of Halving and Elections on BTC
Popular crypto analyst Intuito highlighted that Bitcoin has gone through four halvings and elections in the last 12 years. Typically, BTC prices remain stagnant post-halving, while a parabolic rise often follows elections. Intuito appears optimistic that the crypto market will respond with a parabolic movement on November 5 following Trump’s potential victory in the presidential elections.
Intuito: “After elections, crypto assets initiate a parabolic rise.”
Bitcoin’s Seasonality
Despite past volatility, Bitcoin’s estimated leverage ratio is holding at low levels. On-chain analyst Axel Adler Jr. mentioned that leverage volume stands at 32%, warning that if it surpasses 55%, liquidations could be triggered.
Axel Adler Jr.: “Leverage volume is at 32%. Liquidations may be triggered if it exceeds 55%.”
Overall, while the long-term outlook for Bitcoin price remains bullish, the short-term view is shifting towards a bull trend amid uncertainty. Analyzing how the latest Bitcoin price movements impact this shift is crucial.
The daily Bitcoin chart indicates the formation of higher lows and higher highs recently, signaling a positive change in market structure favoring bulls. BTC aims for the psychological level of $70,000, with potential to exceed its all-time high of $73,777. However, if BTC fails to maintain the $65,000 support, a pullback to the lower end of the current consolidation could occur.
