Critical Turning Point for Bitcoin: Could $100,000 Be Coming?

In recent days, Bitcoin's monthly chart has continued to send signals of indecision among investors. According to crypto analyst Omkar Godbole, Bitcoin (BTC) price closed the month of October with a slight decline despite trading within a wide range. This situation indicates an uncertain outlook in the markets and that investors are in a state of indecision. In October, Bitcoin price fluctuated between $103,600 and $126,000, revealing an even wider range than the total movement of the previous three months. However, a decrease of 3.8% was experienced by the end of the month.

This type of price movement is referred to as a “doji candle” in technical analysis, and it can be interpreted as both a precursor to a new bullish trend and a potential signal for a pullback. Godbole points out that this indecision occurs near a trend line that connects Bitcoin's historical peaks. Normally, it is expected that buyers would dominate at these levels; however, the current situation shows that the market is hesitating. Thus, this creates a perception that investors should pay attention to.

Additionally, the monthly MACD histogram indicates that Bitcoin's upward momentum is weakening. This indicator has started to produce smaller peaks instead of making new highs above zero; this signals a bearish divergence similar to that seen before the peak in 2021. This pause observed in this area raises some concerns among investors.

According to Godbole, this indecision is significant not only for Bitcoin but for the entire crypto market. The US Dollar Index (DXY) is also currently in a similar pause phase and could enter a potential recovery phase. Historical data shows that a strengthening dollar tends to exert pressure on Bitcoin. If Bitcoin can rise above $116,000, this could reinforce a bullish outlook. Otherwise, a pullback in prices down to the $100,000 level could be on the table.