The Dip is Here: A Bullish Opportunity to Buy Bitcoin

Overnight, all major markets have experienced a pullback, including the traditional S&P 500, Gold, Silver, various currencies like the USD, and cryptocurrency markets.

Despite the broad market downturn, there’s no cause for concern. The S&P, Gold, and Bitcoin are either at or approaching all-time highs, and a pullback is common after extended bull rallies. Let’s focus on Bitcoin…

Only a week ago, Bitcoin was trading below $66k. It then rallied over 12% to $73.6k without a pullback, so a correction was inevitable—and here it is. Bitcoin has pulled back 4.4% from Tuesday's high, which is actually bullish. Here’s why this pullback signals strength.

For those who read the latest Rake Review, this chart should look familiar. It’s important to understand the current trend: Bitcoin set a higher high on Tuesday and is now pulling back, poised to establish another higher low. This price action further solidifies the bullish structure and supports the ongoing bull flag pattern. The target of $88k remains, strengthened by the pullback staying above the recent higher low of $65,250. Although I don’t expect Bitcoin to drop to this level, it’s the maximum pullback Bitcoin can afford to remain bullish. Bitcoin is likely to hold around $69k and continue higher from there, making this a prime opportunity to buy the dip and position for the bull run and new all-time highs.

With the U.S. election less than a week away, market volatility is anticipated to increase. This election could be one of the most impactful events in recent history, and with uncertainty around the outcome, heightened volatility is expected. While betting markets slightly favor a Trump victory, polls suggest it could go either way. Regardless of the result, even if a pullback occurs following a Harris win, our long-term conviction in BTC remains strong, with expectations for continued growth through 2025.

If you feel underexposed or worry about missing out, now is a good time to bolster your Bitcoin position before the new all time highs are made. You’re still early, and if you have long-term confidence in the crypto space, this is an ideal time to enter. Contact your Stormrake Crypto Broker to seize these golden opportunities.

Stormrake Spotlight: DOGE ($0.16233)

Even with the current pullback, Doge is outperforming many other altcoins, down only 3.5% on the day compared to others losing over 5%. Doge remains up since our first morning note and will likely lead the way for altcoins once this pullback concludes and the market rallies again.

BTC/USD Key Levels and Price Action:

Bitcoin recently pulled back through the key support level of $71.7k. After breaking this level, BTC rebounded sharply off the 200 EMA and is now trading above another key support at $70k. Despite a short-term bearish cross of the 21 and 55 EMA, the strength of the rebound—nearly 1.5% in under four hours—demonstrates Bitcoin’s resilience in the current market. Once the dip is confirmed as complete, the short-term upside target is $71.7k, setting up a another attempt at the all-time high.

BTC Total ETF Flows for 31 Oct: $ - 105.1 million

ETH/USD Key Levels and Price Action:

Ethereum has retraced, giving up its gains from recent days. ETH now trades below all key moving averages and the critical level of $2,556, which has been a key level since August. We can expect ETH to follow Bitcoin’s price action, although likely underperforming in both directions.

ETH Total ETF Flows for 31 Oct: $ - 36.6 million

Written by Alexandar Artis

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