Bitcoin’s Bullish Momentum Targets $133,000 After Reset: Ostium
Ostium Labs' Market Outlook #55 provides a detailed analysis of Bitcoin's market conditions post-volatility:
- Bitcoin's bull structure remains intact, with key support at $107,000.
- Weekly close above $107,000 suggests a bullish momentum towards $133,000 by month-end.
- Last week's deleveraging event is seen as beneficial, eliminating excess leverage without breaking the weekly structure.
- A daily close below the 200-day moving average could signal a shift into bear market territory.
- Expectations are for Bitcoin to reach $125,000 soon and $133,000 by month-end.
- Positioning evidence, such as obliterated open interest and compressed basis, supports trend continuation.
For Ethereum:
- Weekly structure shows potential for an all-time high breakout above $4,400.
- ETH expected to trade through $4,950 within 10 days, aiming for $5,750 in November.
Additional insights:
- USDT dominance could be capped without undermining Bitcoin's trend.
- The altcoin index indicates a recovery with expectations of a higher local low and a push toward resistance levels.
Current BTC price: $111,509.
