Bitcoin (BTC) has jumped to new 18-month highs, but holding its last support is now key to avoiding a “meltdown.”
$35,000 decides validity of Bitcoin range breakout
Data from Cointelegraph Markets Pro and TradingView shows BTC price gains continuing until November 2.
BTC/USD reached $35,968 on Bitstamp after the daily close — its highest levels since May 2022 and surpassing last month’s local peak.
Now, heading back to test the $35,000 resistance, Bitcoin is on the radar of market participants, some of whom are not ruling out the possibility of a further drop in the price of BTC.
In your https://twitter.com/mark_cullen/status/1719941004508246049?s=20popular analyst Mark Cullen suggested that $35,000 was the significant line to defend.
“Now that Bitcoin’s range has been broken, it’s a little simpler. Either hold and advance or fail and we’ll likely miss BTC’s big uptrend in the near term,” he wrote on X, referring to the relatively sideways trading landscape of the last week.
Cullen added that Bitcoin would need to close a four-hour candle below the $35,000 mark to change sentiment.
“There is no reason to be bearish until BTC closes an H4 below $35k. A dip to test is normal and likely a BTFD opportunity,” he said.
Trader: $34,600 is now the ‘optimal downside target’
Also keeping an eye on the short-term range is trader and analyst Credible Crypto.
Like Cullen, he predicted a lower return before the rally continued, trapping both late buyers and shorts in the process and increasing liquidations.
On the day he established a https://twitter.com/CredibleCrypto/status/1719963805608714526/photo/1 as an “ideal target for disadvantage.”
“Shorts entering support with stacked bids waiting are often a recipe for price to squeeze/revert back to the upside,” part of a comment on X read.
BTC price after halving could be $48,000?
As Cointelegraph reported, bearish predictions for the BTC price remained even as Bitcoin recovered and held $34,000 last week.
$20,000 was a popular choice and stands in stark contrast to the popular bullish consensus of $40,000, which others say is just a matter of time.
For popular trader Jelle, however, the outlook is for BTC/USD to go even higher.
Looking at longer time frames, Jelle identified a breakout that suggests a target closer to $50,000.
In part of the day’s analysis, he acknowledged that reaching the target could take “some time.”
“We are seeing a strong start to Q4 as expected, but I expect the momentum to slowly fade in about 2-3 weeks,” he reasoned.
“The fight to break $48k may take some time — the bull market really starts to move after the halving.”
The next Bitcoin block reward halving is currently scheduled to take place in April 2024.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.