bitcoin has once again recovered $34,000 even when the bitcoin-spot-etf-blackrock-dtcc/” target=”_blank” rel=”nofollow”>euphoria around the possibility Of howbitcoin ETF pot being approved soon. Next arises the need to examine the predictions of bitcoin-in-danger-analyst-shares-views/” target=”_blank” rel=”nofollow”>certain analysts who have influenced the future trajectory of the flagship cryptocurrency based on its current price action.
Where is bitcoin headed from $34,000?
in a mail shared on his platform X (formerly Twitter), the CEO and founder of the trading platform MN Trading, crypto-analyst-reveals-the-best-time-to-buy-altcoins/#:~:text=When’s%20The%20Best%20Time%20To,to%20be%20around%20this%20period.” target=”_blank” rel=”nofollow”>michael van de poppestated that the cryptocurrency was fighting $34,700 as resistance and if it broke that level, the crypto token could rise as high as $37,000 to $38,000.
It’s still interesting to pay attention bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin.
Fighting $34,700 as resistance, through which a breakout should lead to $37-38 thousand.
On the other hand, areas between $32.6-33.1K, if we get there, areas of desire.
Corrections are usually quite rapid in uptrends. pic.twitter.com/DTOYcoCQIK
—Michaël van de Poppe (@CryptoMichNL) October 26, 2023
He also seemed to suggest that $32,600 and $33,100 were key support levels to pay attention to, as he labeled them “areas of yearning.” Another cryptoanalyst, CryptoTony, Projects that bitcoin could still shoot up to $36,000 before “rejecting and letting the range begin.”
I’m still looking for that peak up to $36,000 before I decline and let the range begin. I will be long as long as we are above $30,000 personally, as we enter at $29,000
The limited range environment is where #Altcoins will flourish and capital will rotate pic.twitter.com/TC09TWWHll
– crypto Tony (@CryptoTony__) October 27, 2023
bitcoin Halving It has become an important metric for making price predictions as the event approaches. In line with this, crypto analyst CryptoCon mentioned that the MVRV (market value to realized value) of 2-year cumulative bands indicates that the pre-halving problems has occurred.
BTCUSD is currently trading at $34.142. Chart: TradingView.com
With this in mind, CryptoCon seemed bullish on the crypto token when it stated that “bitcoin has something special in store for us next.” The analyst had recently predicted that bitcoin could reach $45,000 as early as November based on their analysis of historical data and past cycles.
Another crypto analyst, crypto Rover, also mentioned using technical analysis that a bullish flag was breaking out on the charts. This suggests that the rally already experienced could be nothing compared to what is on the way.
33.7 billion reasons to buy bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin pic.twitter.com/TQMNlK60Sx
– crypto Rover (@rovercrc) October 28, 2023
bitcoin in a league of its own
Various cryptanalysts Over time, I have noticed the correlation between btc and the stock market. bitcoin is said to experience a decline when stocks go down and an uptrend when these stocks rise. However, recent data suggest that this bitcoin-says-goodbye-to-correlation-sp500/” target=”_blank” rel=”nofollow”>the trend could be over (for now at least).
in a mail on the X platform, bitcoin Magazine noted that bitcoin so far disengaged of the Nasdaq, S&P 500 and Dow Jones this month. bitcoin rose more than 28% in October, while the crypto-custody-plans/” target=”_blank” rel=”nofollow”>Nasdaq and the S&P500 have had a relatively quiet month with gains of just over 3% this month.
bitcoin is also reaching new highs (this year) in its dominance over the broader crypto market. Data from TradingView shows that the coin’s dominance currently stands at close to 54%. The flagship cryptocurrency has enjoyed an upward trend since the start of the year and has not seen any significant competition from ethereum despite talks about ‘ethereum-beats-bitcoin-is-the-flippening-coming/” target=”_blank” rel=”nofollow”>The flip.’
Featured image from iStock
