Fundamental view:

Bitcoin price movement showed a high at the $11600 mark on 15 October however, the increased volatility pulled the price back down in a flash crash. After the flash crash on the 16th of October, Bitcoin price fell to the $11240 mark, and despite a slight recovery, hit the lowest point of $11219 twice in a row. The king managed to rise above the $11300 mark since, but the continued volatility tells a different tale as the US gained some strength due to some positive updated like the US stimulus deal.

By 2025, bitcoin (BTC) still could add another zero to its price, according to Bloomberg Intelligence, while they also claim that it’s possible for the price to get closer USD 14,000 again already this year.

In their latest Crypto Outlook, Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, wrote that “bitcoin has a history of adding zeroes.” Bitcoin’s price could continue appreciating on the back of increasing adoption, as it has done so far, but this would happen at a slower pace. This update favors Bitcoin.

The major economic events deciding the movement of the pair in the next week are Fed Chair Powell Speech at Oct 19, Building Permits at Oct 20, EIA Crude Oil Stocks Change at Oct 21, Existing Home Sales at Oct 22, and Markit Manufacturing PMI at Oct 23 for US.

BTC/USD Weekly outlook:

Technical View:

Last week’s high was 2.04% higher than the previous week. Maintaining high at 11701.6 and low at 11183.6 showed a movement of 518 pips.

In the upcoming week we expect BTC/USD to show a bullish trend. The Instrument is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 11604.8 may open a clean path towards 11912.2 and may take a way up to 12122.8. Should 11086.8 prove to be unreliable support, the BTCUSD may sink downwards 10876.2 and 10568.8 respectively. In H4 chart bullish bat pattern formation favors prospects of a bullish trend. Bullish harami pattern constructs a bullish outlook for the pair in the upcoming week.