251006 [BTC] Bitcoin Outlook

Current Status Summary - Support Zones and CME Gaps

• Bitcoin has successfully broken through its previous high, achieving a new record high of 125.7K, as predicted in the previous chart analysis, by smoothly forming a double bottom and rising.

• The current lowest support zone is around 108K. A CME gap remains unfilled in the 110K range. Historically, CME gaps are filled with a high probability exceeding 95%.

• However, there have been instances where filling took as long as 1-3 months. Therefore, if the current momentum persists, it could potentially be filled during a correction after the rise.

So, is it going down?

• Looking at previous instances of new highs, prices often peaked and immediately retreated.

• Similarly, we anticipate reaching the target of 127-128K and then retreating.

• However, prices have not reached this level yet. Instead, they are lingering near current levels, fluctuating repeatedly and showing sideways movement.

• This suggests more upside potential remains, which is viewed as a positive development.

• The longer the sideways movement persists, the greater the potential for a significant upward surge. It is anticipated that momentum could build to reach the upper 130K range within the previously mentioned 127K-138K zone.

Conclusion

• Further upside potential remains evident.

• We anticipate the possibility of a final push or a zigzag pattern where the all-time high is surpassed two or three times.

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