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Bitcoin Falls Short of $70,000: Cause for Concern or Just a Pause? Analyzing the Market Pulse

Market structure insights are an excellent tool for confirming the underlying strength of the market.

Author

Markus Thielen
October 22, 2024

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👇1-10) The Bitcoin and crypto markets remain focused on critical data points that could signal a breakout above $70,000. Despite Bitcoin’s strong performance at the end of last week, prices have since corrected due to emerging macro and microeconomic challenges. However, we view these as temporary setbacks and expect Bitcoin’s upward trajectory to resume soon.

👇2-10) We must continuously gauge the market's pulse through our market structure analysis. Relying solely on lofty price targets or rigidly adhering to 4-year cycle predictions proved costly during the latter stages of the previous cycle. While our trading signals recently closed one Ethereum position with a Sunday exit (2,715), we currently have active long signals for Ethereum and Bitcoin. A new trading signal has also been generated for Kaspa (KAS), which looks promising following its recent correction.

How are Stablecoins Affecting Crypto Markets + more (watch the video)

👇3-10) Since the FOMC meeting, Bitcoin has surged 18%, driven by Powell’s confirmation that the Fed would continue cutting interest rates. While this signaled bullish momentum, we advised investors to watch the 10-year yield closely. Trump’s increasing election odds could force the Fed to pause its rate cuts earlier than expected in response to his pro-growth policies. Though the market still anticipates rate cuts in November or December, rising bond yields are shifting the focus toward inflation, especially as countries may need to adopt pro-domestic growth strategies if global trade becomes constrained by Trump’s tariff policies.

Bitcoin (RHS) and 10yr bond yields (LHS) since the September FOMC meeting

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