Bitcoin (BTC) plunged below $62,000 on October 26 when the launch of the third US-regulated exchange-traded fund (ETF) failed to destabilize sideways price action.

1 hour BTC/USD light chart (bit print). Source: TradingView
Support target $61,600 BTC
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached daily lows when the US markets opened on October 26.

The latest ETF, the VanEck Bitcoin Strategy ETF (XBTF), was greeted with a very different mood on a day when Bitcoin seemed unmoved by the prospect of new institutional involvement.

The ProShares Bitcoin Strategy ETF saw gains last week, ending with fresh records for BTC/USD, which remains unbeatable as the correction challenged the $60,000 support.

As of this writing, $62,000 has formed a fragile concentration that remains in line with the latest price predictions from popular analysts.

“BTC will naturally drop to $61,600 (orange level),” Rekt Capital commented alongside the latest price chart.

“Keeping it that way would be a sign of strength on the part of buyers.”

BTC/USD summary. Source: Rekt Capital / Twitter
Expectations for a record high remain high to see a retest amid the recent moves, while research argues that the drop to $50,000 will continue to maintain the overall upward trajectory.

Until the October close, it is expected to be around $63,000, according to Cointelegraph, giving Bitcoin the opportunity to track sideways for a longer period before pressure builds.

The PlanB analyst, who described $63,000 as the “worst case scenario” for the end of the month, announced a second phase of upward growth for 2021 that will officially begin this week.

Altcoins due to copy-and-paste from previous bull races
The major cryptocurrencies also showed initial behavior throughout the day, with Ether (ETH) not rising to $4,150.

Related: GBTC outperformed Bitcoin ETF last week

The top 10 cryptocurrencies by market capitalization have remained unchanged over the past 24 hours – a rare episode of general calm for a volatile group of assets this month.

“We know this framework from the past, as we also ran new tests before we got moving,” Cointelegraph contributor Michael van de Poppe said in his latest YouTube update.

The copy-and-paste scenario is expected to make profits from early 2021 at a later date, but the time frame for that is unpredictable.

“The potential for an upside is generally higher than you would expect,” he added.

Source: CoinTelegraph

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