Coin World News Report:
Bitcoin is experiencing a psychological surge and a correction is currently unlikely.
However, panic may follow when the fundamentals eventually take over.
With Bitcoin (BTC), despite a significant drop in the RSI index, the price has still broken through the benchmark of $68,000, ending a four-month decline.
Therefore, trading slightly above this critical level may indicate a potential top for BTC. If this range is confirmed as a resistance point, a price adjustment may be imminent, potentially forcing a large-scale surrender. However,
Bitcoin’s surge – fundamental psychology
First and foremost, it must be considered that Bitcoin is heavily influenced by macroeconomic factors.
Currently, a series of events are intertwined, such as the halving,
Surge
The election cycle coming to an end, “Uptober” frenzy, and the Fed’s interest rate cut, all of which have collectively propelled Bitcoin to $68,000 within just ten days, without any substantial pullback.
This is important because despite key technical indicators pointing to a short-term reversal, these macro factors may enhance the confidence of major shareholders, indicating that this is a critical buying zone.
In other words, large corporations may still see this level as an opportunity, and this psychological momentum may attract more buyers as market sentiment heats up, exacerbating FOMO.
Supporting this is an increase in whale activity: addresses holding 1K-10K BTC have reached a three-month high. The last significant surge occurred while daily prices rose by 5%, pushing BTC above $66,600.
In short, whales have played a crucial role in combating bearish pressure. Since early October, their activity has reinforced AMBCrypto’s initial hypothesis: macro factors are attracting major participants.
Overall, this cycle appears to be driven by psychology. Therefore, despite bearish attempts to short Bitcoin, the likelihood of a significant correction at the moment seems small.
Market speculation leads to $73,000
Historically, the halving year has been a reliable indicator for potential bull market cycles. The surge in the 30-day demand average (marked in green) has always coincided with a reduction in supply during the Bitcoin halving event.
These supply reductions typically trigger long-term rebounds, bringing significant returns to stakeholders.
Interestingly, even without the immediate impact of fundamentals, just the widespread expectation can trigger a breakthrough.
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BTC profit calculator
This cycle is a prime example: the market was filled with expectations of a halving-driven rebound, and Bitcoin surged to $68,000 in a very short time.
In other words, if whale activity continues to maintain this upward trend – which seems possible – Bitcoin may reach a historical high of $73,000 by the end of the fourth quarter.
