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.
There's a lot of talk around a potential head-and-shoulders pattern forming in #Bitcoin daily chart. Let’s dissect it!
— Ali (@ali_charts) October 22, 2023
The $BTC daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the… pic.twitter.com/h7CiwRFcHb
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
#Bitcoin | The TD Sequential presents a sell signal on $BTC daily chart. Watch out for a potential #BTC correction to $29,500 or even $28,630!
— Ali (@ali_charts) October 23, 2023
You can try this trading strategy at @PrimeXBT. Use the promo code **alicharts** and register here: https://t.co/LbAqCIiIIa pic.twitter.com/aMh5FckBLC
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!
#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! pic.twitter.com/tdgdYYiMnW
— Ali (@ali_charts) October 24, 2023
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 $33,000.
#Bitcoin looks like it wants to pull back before advancing higher!$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.
— Ali (@ali_charts) October 26, 2023
You can try this trading strategy at @bytradeio.… pic.twitter.com/IOPjq61oEq
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.
#Bitcoin Well on it's way towards the top of the 2023 range.
— Daan Crypto Trades (@DaanCrypto) October 22, 2023
$31K-32K won't be easy to break through but upon doing so I would be targetting $38K next.
Remains range-bound until then. pic.twitter.com/aBff4oVhBp
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
#Bitcoin Open Interest is only just back to where it was before the fake ETF News squeeze.
— Daan Crypto Trades (@DaanCrypto) October 23, 2023
Spot premium has been steady and spot bid consistent. Don't really see any sign of overheating just yet simply by this data. pic.twitter.com/709VFqloNb
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.
Well, that only took a few hours this time around.
— Daan Crypto Trades (@DaanCrypto) October 24, 2023
I'll take it.
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.
#Bitcoin Zooming out, this range and it's levels have been super clean.
— Daan Crypto Trades (@DaanCrypto) October 26, 2023
Experiencing it on a day to day basis with all the news, fud etc it was a different story though…
Just shows how these higher timeframes are so valuable and good to never lose the bigger picture. pic.twitter.com/6pxxArPMhT
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.
$BTC HTF overview
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 22, 2023
𝐈𝐅 Reclaim 32k 𝐓𝐇𝐄𝐍 40k pretty quickly. Most important level above us right now for a big breakout
It's basically nothing but air above there, and likely would happen around the ETF pic.twitter.com/Fm2bWQtytU
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.
$BTC
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 23, 2023
Key things: The upper purple box should act as support.
Do not want to see price closing below that OR it can be a deviation. I find this unlikely
40-42k is very likely now that we are in the old range from 2021#Bitcoin tings https://t.co/46xryoVuvO pic.twitter.com/dWFm0QzUA3
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
#Bitcoin Let's keep it simple :
— Mags (@thescalpingpro) October 22, 2023
1) Breakout of re-accumulation in next few months
2) $48,000 – $50,000 before Halving
3) Pullback & consolidation Post Halving
4) New ATH by the end of 2024
5) Parabola 2025 pic.twitter.com/rb54S1Q9eI
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
#BITCOIN BEARS ARE WRONG AGAIN !!!
— Mags (@thescalpingpro) October 24, 2023
Many people are missing out because they can't accept the fact that 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
Lots of people are waiting on the… pic.twitter.com/OWPOzVx3pA
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.
#Bitcoin
— Mags (@thescalpingpro) October 26, 2023
BTC is back inside the old range.
Technically, the first target would be the mid-range, and the second target would be the range high and beyond..
This might take some time to play out as it's a weekly chart. I'm not expecting anything crazy, just the mid-range… pic.twitter.com/LQFXLiYA8K
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
#Bitcoin, lower timeframes based, I'd prefer to see $30,200 hold to see continuation to the yearly high.
— Michaël van de Poppe (@CryptoMichNL) October 23, 2023
In that case, I expect us to tap $31,500 and grab liquidity above there before consolidation. pic.twitter.com/ALryUuIb7q
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.
#Bitcoin did hold above $30,200 and started breaking the yearly high.
— Michaël van de Poppe (@CryptoMichNL) October 24, 2023
Quite surprised with this strength, but that's what you get pre-ETF approval.
As long as we stay above $31K, everything is all right and we'll see $40K this year.
Times are good. Buy the dips. pic.twitter.com/3UkZUve1ES
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.
Still interesting to keep an eye on #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) October 26, 2023
Fighting $34.7K as resistance, through which a breakout there should lead to $37-38K.
On the other hand, areas between $32.6-33.1K, if we get there, areas of longing.
Corrections are usually quite swift in upwards trends. pic.twitter.com/DTOYcoCQIK
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.