Prior to Bitcoin halving, the strings of investors are roughly taut. The community became even more disturbed as 11,2% BTC weekly price gains took place, with the asset hitting $31,287.
On October 24, Bitcoin went even higher while reaching the price of $35,213. As of this day, it remains within $34,000-$35,000 range.
While Bitcoin has been noted as an up-and-down asset, there is still a clear pattern behind the spiky picture. And this very picture casts a shadow on BTC’s future, but focuses the sharp eyes of reputable analysts.
To level your Fear and Greed, we’ll dive into a handpicked collection of insights on Bitcoin voiced by credible traders. We’ll outline them in the educational essence every crypto enthusiast should know to get through the turbulent market.
Stay tuned!
Entering the Topic
On Friday, October 20, a relatively stable $28,000 outlook swiftly changed to an uprising movement, hitting the price of 30,013.78$ according to CoinMarketCap.
During October 23, the bullish sentiment kept on while getting Bitcoin to $31,287. On October 24, it skyrocketed to $35,213.
As of October 27, Bitcoin’s bullish sentiment is still observable, with staying in $34,128 zone.
Corrections Are Likely to Take Place
While seeking deeper disclosure, reputable trader Ali turned to taking RSI into account. Consequently, he presumed that RSI of 74.21 (as of October, 22) may have been the signal for “sharp price corrections”.
An impending price correction appears to be on the horizon unless BTC manages to clock a daily candlestick close above $31,560
– he warned.
On October 23, Ali did not change its bearish outlook. In his opinion, the TD Sequential pattern clearly indicated a sell signal on BTC. He added,
Watch out for a potential BTC correction to $29,500 or even $28,630
As BTC kept spiking, Ali changed his outlook to a rather promising one. He claimed,
Bitcoin built a massive support barrier between $25,000 and $30,000. The UTXO Realized Price Distribution (URPD) model now suggests the next two critical areas of resistance for $BTC are $38,440 and $47,360!
The most recent BTC decrease in price has been considered to be a pull back “before advancing higher”. In his opinion,
BTC appears to have formed an ascending triangle on the hourly chart. As BTC trades below the hypotenuse, the odds increase for a 5% correction toward $33,000.
Prevailing Optimism
However, the majority of investors remain quite optimistic about Bitcoin’s future. Namely, Daan Crypto Trades presumed that the bullish rally will continue towards hitting $38,000, but only if the $31,000-32,000 barrier will be overcome.
Regarding that this barrier is already behind, it is possible to say that $38,000 is indeed a realistic outlook for Daan.
Daan also stated that the interest towards Bitcoin has no play in its growth. He presumed,
Open Interest is only just back to where it was before the fake ETF News squeeze. Spot premium has been steady and spot bid consistent. Don’t really see any sign of overheating just yet simply by this data
While Bitcoin neared $35,000, Daan concluded that “Monday Wick” became typical for the latest month, assuming that the bullish sentiment will be noticeable in the short-term future.
As of October 27, Daan zoomed out on a slightly altered, more bearish ranges:
- Range high: $31,027;
- Mid Range: $28,114;
- Range Low: $25,200.
Big Breakout
Daan is not the only investor to expect highs from Bitcoin. Another analyst, Pentoshi, has a mostly identical prediction. He believes that Bitcoin can reach $40,000 if it breaks the $32,000 limit. ”Most important level above us right now for a big breakout”, he added.
While the barrier was broken, Pentoshi alleged that Bitcoin has all chances to reach $40,000-$42,000. In his opinion, BTC may indicate the same pattern as it showed in 2021.
Mags turned out to show an even more positive outlook by assuming that BTC is about to hit $48,000-$50,000 before the halving. The analyst outlined possible chain-of-events for Bitcoin:
- Breakout of re-accumulation in next few months
- $48,000 – $50,000 before Halving
- Pullback & consolidation Post Halving
- New ATH by the end of 2024
- Parabola 2025
He also added,
Bitcoin has bottomed out at $15.5k, and the worst is already behind us. The trend has changed long ago, and we are in a bull market
Lately he claimed that BTC returned in the old range. Still, his optimistic outlooks did not change – Mags is expecting mid-range ($43,000+) by the halving.
Michaёl van de Poppe claimed that the trend is going to be changed after BTC hits $31,500.
I’d prefer to see $30,200 hold to see continuation to the yearly high. In that case, I expect us to tap $31,500 and grab liquidity above there before consolidation
The analyst also cited that if Bitcoin’s strength remained above $31,000, it would be quite possible for the asset to reach $40,000 this year.
In his latest post for X (former Twitter), van de Poppe sticked to the correction option and outlined two scenarios:
- Best-case – breakout to $37,000-$38,000 through overcoming $34,700 resistance;
- Worst-case – longing areas between $32,600 and $33,1000.
Where Bitcoin Is Taking Us?
My perspective: Bitcoin hitting $38,000-$40,000 is quite a realistic scenario. Yet the price would be reached through the numerous price dips, seeing to the halving cycle fluctuations.
I believe that the current pump is another step of the pre-halving cycle, which can be identified with a distinct pattern. This very pattern will keep on going by reaching $35,000-$36,000, staying relatively constant for quite a period, and then moving down to $29,000-$30,000.
The chances for such predictions to come into life may increase with the vast number of liquidations for the October 24 night. According to CoinGlass, 95,532 traders were liquidated for the last 24 hours. The total sum counts to $401,84 million. What is significant, over $300 million was lost in the short positions.
It lately appeared that my scenario did the trick, yet in a smaller price range.
While indicating the same picture, Bitcoin has all chances to eventually take us towards $38,000-$40,000. But still, this state-of-things is rather obscure.
Ultimately, Bitcoin continues its bullish rally by twisting our analysis with fluctuations. Until halving occurs, this would be a casual pattern for BTC.
Disclaimer: remain cold-headed within the period, and always do your own research. This article is not a financial recommendation, but a piece of educational basis for your own trading.