Bitcoin (BTC) has recorded a remarkable surge in the past 14 days, nearing the $70,000 mark earlier this week. However, some market watchers shared their worries about the recent retraces, suggesting the cryptocurrency could face another correction ahead of the US Presidential election.

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Bitcoin To Face Another Shakeout Soon

This ‘Uptober,’ Bitcoin has recorded a 12% surge from its opening price, jumping from the $60,000 support level and reclaiming key resistance zones. In the last two weeks, BTC recovered 14% from the early October shakeouts, nearing a retest of the long-awaited $70,000 mark.

The cryptocurrency faced major resistance after surging above the $69,000 zone, a level not seen since late July. After the unsuccessful retest, Bitcoin’s price faced a 5.3% pullback toward the $65,000-$66,000 range, failing to reclaim the $67,000 mark until Thursday.

Based on BTC’s recent performance, some analysts consider that the flagship crypto is poised to face another correction in the coming weeks. Crypto analyst Altcoin Sherpa revealed he is unsure about where Bitcoin’s “extremely chippy conditions” are headed in the short term.

Sherpa shared that the cryptocurrency could see one last shakeout “sometime in November.” He suggested  BTC could face another pullback toward the $62,000-$64,000 price range around the time of the US Presidential elections, scheduled for November 5.

However, the analyst believes that Bitcoin will continue its bullish rally after the shakeout. Another market watcher also forecasted another correction for BTC’s near future.

Analyst Crypto King stated that BTC is set to close above $70,000 this week before facing rejection from the key level. Following the rejection, Bitcoin would retrace 8% toward $64,000-$65,000, which could propel altcoins to “start moving 5-6x from the current position,” according to the analyst.

Is BTC Set For A Green Weekly Close?

Despite the rainy forecast, other investors remain bullish on the flagship crypto. Crypto analyst Moustache set the $67,000-$68,000 range as “insanely important support levels.” To the analyst, if BTC’s price holds its support there, it will hit $70,000 soon.

After Bitcoin jumped above the $68,000 resistance on Friday morning, Crypto Yapper noted that BTC broke out of a weekly bull flag and was “ready for an exponential move.” The analyst also asserted that the next horizontal level to break before the $70,000 test is $69,000.

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Nonetheless, he stated that Bitcoin should make a higher high to remain bullish. Similarly, Rekt Capital pointed out that BTC’s old downtrend line is supporting, which serves as post-breakout confirmation.

Per the post, the cryptocurrency would record a bullish weekly close above the $66,300 mark. The analyst also highlighted that if BTC closes above the $67,900 zone, It will register a “very bullish weekly close” ahead of October’s last week.

At the time of writing, BTC is trading at $67,737, a mild 0.3% increase in the daily timeframe.

Featured Image from Unsplash.com, Chart from TradingView.com

Crypto trading is an astonishing and intriguing process where various factors determine the outcome of an investment. Here, one wrong choice can cost a trader’s entire holding, but at the same time, the right decision can make thousands or even millions in profits. One prime example of placing the right strategies is this crypto investor who identified the right trends and made the bet at the right time. With this, he has made more than $12.45 million within 17 days in a newly launched Moo Deng Memecoin.

Crypto Investor Made $12.45 Million From Just $1.3K

As the crypto market is following a recovery trail, many cryptocurrencies are rising in value. However, this crypto investor has found a new opportunity, where he invested in the newly launched Moo Deng memecoin, which has gained immediate traction in the market. With this hype, the investor’s $1.3k has turned into $12.45 Million within just 17 days, setting an example for others.

This crypto trading news came to people’s attention with the Lookonchain X post, which revealed that the crypto investor spent  9.8 Solana tokens worth $1,331 to buy 38.7M $MOODENG. He got these tokens on September 10 and sold 104K $MOODENG for 112 $SOL($17.9K) on September 27, leaving 38.64M in his holdings. Per the Lookonchain post, these 38.64M MOODENG were worth $9.5 Million on September 27. However, the price has grown much higher in the last 24 hours, making these worth $12.44 Million.

Turned $1,331 into over $9.5M in only 16 days, a 7,140x return! #MOODENG

This guy spent 9.8 $SOL($1,331) to buy 38.7M $MOODENG on Sept 10 and sold 104K $MOODENG for 112 $SOL($17.9K)today, leaving 38.64M $MOODENG, worth more than $9.5M!https://t.co/gCR15Bjrcc pic.twitter.com/gaMG0BvKdB

— Lookonchain (@lookonchain) September 27, 2024

With this, his $1331 has turned into $12,457,900, which is a 9359x return on the investment within 17 days. However, there are also concerns and questions about this investor being an insider trader due to the MOODENG pool having limited liquidity of $1.8 Million, which restricts the cashing out of such a huge investment.

More importantly, he is not the only one who has made heavy gains in this popular token. Another crypto trader made $400K from $800, indicating the rise of this new token in the market.

How Is Moo Deng Memecoin Performing Today?

Moon Deng memecoin is inspired by a baby Hippo, which has taken over the internet with its cuteness. From seeing it as a cute internet meme to a crypto token, it has gained new popularity in the market. Even though it has not been long since its launch, Moo Deng memecoin is still in heavy demand, and it has made heavy profits for its holders, including this investor.

At the time of writing, the MOODENG token is trading at $0.322 after setting an all-time high of $0.3387 just two hours ago. It is now in its prime time after surging 865% over the week, with a market capitalization of $317,294,658 and a trading volume of $188,944,027. This boost is coming after its launch on popular crypto exchanges, including Raydium and others.

With this, the crypto investor’s remaining investment has become $12.44 million at the current price, bringing the total profit to $12,456,569.

Final Thoughts

A crypto investor has shocked the netizens with his highly profiting story, where he has made more than $12.45 Million in seventeen days in meme coins, where he had only invested $1.3K. The investor has put his trust into a newly launched MOODENG token, insure from a baby Hippo, which is viral on the internet. The same hype has entered the crypto trading for this token, where it has just recently hit an ATH of $0.3387, making millions for its holders. This is the condition these days when the market is not entirely bullish, making the traders excited for the upcoming Uptober and crypto market rally.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.