Bitcoin BTCUSD Misses Monthly Bullish Engulfing Candle, Bull Flag Still in Play

Bitcoin BTCUSD experienced a slight setback on Sept. 30, dropping 3.45% and missing out on a monthly bullish engulfing candle for the first time since January 2023. Despite this, a year-long bull flag remains in play for Bitcoin, with the potential for a bullish breakout once BTC closes above $68,000-$70,000 on the monthly chart.

In a recent development, Bitcoin researcher Smithson With introduced a new approach to predicting Bitcoin’s cycle top price using a quantile regression model. This model focuses on extreme outcomes, particularly the 99th percentile, to provide a deeper insight into potential price movements. With’s analysis suggests that the cycle top could reach as high as $275,000 by November 2025.

The key support level for Bitcoin currently stands at $63,200, with the cryptocurrency quickly rebounding to $64,000 after a recent dip. Luckshury, lead at trading platform Exocharts, emphasizes the importance of this support level in determining the continuation of Bitcoin’s uptrend. A move above the immediate overhead resistance at $64,700 could signal the next bullish leg up, while a drop below $63,200 could lead to a trend reversal and potential correction.

It is important to note that this article does not provide investment advice or recommendations, and readers are advised to conduct their own research before making any financial decisions.