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bitcoin price continues to trade with a bullish bias, recording a daily gain of almost 1% in the last 24 hours.
It is changing hands for $34,983 as of Saturday, November 4 at 10:45 pm EST with the $35,000 psychological level in sight. But trading volume fell almost 40% over the past day as traders took a break over the weekend.
There’s a good chance that you’re going to have a boring weekend ahead. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/HaVfxNTTa9
– Eric Corona (@KrownCryptoCave) November 4, 2023
Investors are looking well beyond the weekend. They wonder what could be the next step for the price of bitcoin if it breaks the psychological barrier of $35,000. Fund management giant VanEck said conditions are becoming extremely favorable for bitcoin and the cryptocurrency industry as the countdown continues to 2024. The company’s CEO Jan van Eck stated during an interview on he empire podcast that bitcoin has a “near perfect setup as a trade.”
An essential episode with the CEO @JanvanEck3 and @mleinweber2 of @mercadovector
https://t.co/Fbc3beOmvN https://t.co/eGUwuqO3md
—VanEck (@vaneck_us) October 31, 2023
Another cryptocurrency executive who has expressed optimism for btc is veteran American hedge fund investor Stanley Druckenmiller, who regretted not owning btc. In his opinion, bitcoin has established itself as a “brand” over the last 17 years.
Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and is worth $6,200,000,000.
He says: “Young people look bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin as a store of value. It is a brand. I like it. I don’t have any, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin (@DocumentingBTC) October 30, 2023
Druckenmiller also compared bitcoin to gold as a store of value, recognizing its appeal to the younger generation. This happened during an interview with hedge fund great Paul Tudor Jones.
Analyst Targets for bitcoin Price
For some, the $36,000 level is the level to overcome as it would pave the way for more gains.
YES bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin FOLLOW THIS PLAN… $36k THIS WEEKEND?
Important $btc level to watch!
Already published in my Free Telegram group https://t.co/IrIzL8SBRJ pic.twitter.com/kinaWTlp4x
— JeferaT (@ChiefraFba) November 4, 2023
There is still optimistic sentiment in the crypto community, and specifically around btc, as many investors continue to add to their btc portfolios. This comes in advance of a positive nod from the US Securities and Exchange Commission (SEC) on the approval of an exchange-traded fund (ETF). This is expected to drive an increase in the price of bitcoin, as seen on August 29 when Grayscale’s victory over the US SEC occurred.
Investors are piling into bitcoin because they anticipate that the US Securities and Exchange Commission will soon approve the first bitcoin spot exchange-traded fund for trading on a major US exchange. crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
—Mark Cody (@MarkCody) November 5, 2023
bitcoin Price Likely to Drop, Experts Anticipate Overflows to Benefit Altcoins
Meanwhile, some investors anticipate a pullback in bitcoin price to the $32,000 to $31,000 range, with some looking to capture capital turnover in time. This is when the spillovers from the bitcoin rally and general optimism will spill over to altcoins.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin to go down to $32,000 – $31,000 and ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum to pump to $2,000 and up
The rotation will be done please.
– crypto Tony (@CryptoTony__) November 4, 2023
Altcoins continue to remain strong following the lead of the king of cryptocurrencies, which is up 27% over the last month. However, when bitcoin plummets, investors turn to altcoins for capital rotation. Therefore, if btc shows weakness, altcoins are likely to benefit.
#TOTAL2 / #Altcoin Market Capitalization – Update
It’s holding up well here, which is a great sign for our #Altcoins
Once we see the capital of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin I hope fireworks pic.twitter.com/z6Q30KcBrA
– crypto Tony (@CryptoTony__) November 4, 2023
bitcoin Price Outlook for the Week Starting November 5, 2023
bitcoin price has one key barrier to overcome: the $35,532 resistance level. btc approached this level recently, posting an intraday high of $35,280, but the foray proved premature. Analysts say the rejection comes because the cryptocurrency king lacks any back wings at the moment and is based solely on speculation. Currently, all eyes are on the SEC regarding spot btc ETFs. If approval does not come soon, a bitcoin price correction is imminent.
The relative strength index position at 71 shows that btc is overbought. Its deviation from northward movements is the first warning sign, indicating that a sell-off may be imminent, which is triggered once the RSI crosses below 70.
The resulting selling pressure could push the price of bitcoin down to the $32,000 to $31,000 range, according to @CryptoTony. If this range does not hold as a support zone for btc, the price could shoot up to $30,000 or lower.
In such a case, the next possible support levels for bitcoin price would be $100, or the 50-day exponential moving averages (EMA) at $28,044 and $27,617 respectively. In the most severe case, the decline could extend to the confluence between the 200-day EMA and the horizontal line at 25,058. Such a measure would constitute a 30% drop from current levels.
Instead
A re-entry of sidelined investors, or late buyers, could see bitcoin price extend north, surpassing the high of $35,280 and breaking the resistance level of $35,532.
In a highly bullish case, bitcoin price could stretch to reach the mid-threshold at $43,761 of the weekly supply zone that extends from $40,000 to $47,288. A decisive closing of the candle above the level of $43,761 would confirm the continuation of the trend.
Meanwhile, investors’ attention has been focused on BTCMTX, a new player in the cryptocurrency market. Not only does it provide promising earning potential, but it also provides easy entry into the btc market.
bitcoin Alternative
BTCMTX takes center stage as the prolific alternative to btc. It is promoted as “a cloud mining project that allows everyday people to mine bitcoin in a decentralized way.” It uses a staking approach to mining, where token holders stake their tokens for mining credits. These credits are burned (redeemed) to obtain mining hash power.
When integrated into a ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum smart contract, the $BTCMTX #Symbolic acts as an access door bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin cloud mining.
Eager users can purchase and use effortlessly #BTCMTX tokens to secure cloud mining credits, which are ultimately exchanged for hashing power. pic.twitter.com/c3Ojzq25h0
—Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
BTCMTX powers the bitcoin Minetrix ecosystem, a space where cloud mining has not only been decentralized but also tokenized. Doing so grants direct power to the token holder, eliminating third parties and the risk of scams in the process.
Presenting #BitcoinMinetrixthe revolutionary cloud mining solution that allows people to participate in #Decentralized $btc mine easily.
With the risks of third-party cloud mining removed, users enjoy complete control over their mining activities.#bitcoin Mining pic.twitter.com/BV7BE7AfKs
—Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
As traders flock to the bitcoin Minetrix marketplace, now is the time to buy BTCMTX in the pre-sale, with the token going for $0.0114. So far, pre-sale collections have reached $3,331,653 as of November 4 at 11:41 pm EST. This is no small feat, since the pre-sale closes at its goal of 3,904 million dollars.
Visit bitcoin Minetrix to buy BTCMTX using eth, USDT or your bank card here.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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