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bitcoin price has risen 15% in the past week to remain well above the psychological level of $30,000.
At the time of writing, it is changing hands for $34,081, down a fraction in 24 hours as the cryptocurrency king continues to hold firm after a sharp rise.
Meanwhile, analysts have noted a changing bitcoin structure and momentum, leaning towards the upside.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin BULLISH MOMENTUM
Market structure and momentum indicators show that btc?src=hash&ref_src=twsrc%5Etfw”>#btc The momentum has changed a lot.
It sure took its time. But is it worth it. pic.twitter.com/tG10HqWtqd
– Cryptocurrency titan (@Washigorira) October 27, 2023
With the change in structure, investors prefer to proceed cautiously and take the opportunity to study the trend, hoping to join the likes of Michael Saylor, who is reaping big profits after his $5 billion bet on bitcoin had a great success.
When your $5 billion bet pays off. btc?src=hash&ref_src=twsrc%5Etfw”>#btc pic.twitter.com/PVG8fKXqbY
— The ₿itcoin Therapist (@TheBTCTherapist) October 28, 2023
It is worth noting that while there remains confusion over the tail wings of bitcoin price, three narratives stand out.
First, Jerome Powell’s speech on Friday of last week at the Economic Club of New York, where the chairman of the Federal Reserve discussed the rise in long-term US Treasury bond yields. He also hinted that the Federal Reserve might look at pausing its interest rate hikes during its next meeting scheduled for Nov. 1. Secondly, the bitcoin halving, 186 days from now as the countdown continues to April 2024, and finally, the speculation of a spot btc. An exchange-traded fund (ETF) will be launched soon.
Now, investors have their eyes wide open on the $40,000 target and a bullish technical formation is already in play.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Bull pennant btc?src=hash&ref_src=twsrc%5Etfw”>#btc Now move forward on an inside bar. There is no direction until the short-term range between $34.1K and $34.5K is broken.
Two scenarios.
After Katana’s detachment, Tenkan and Kijun flattened out. It is a sign of weakness. A throwback to Tenkan and… pic.twitter.com/reyNSIufOI
– Cryptocurrency titan (@Washigorira) October 27, 2023
bitcoin Price Targets $40,000 as btc Chart Forms Pennant
bitcoin price development over the past ten days has led to the formation of the pennant on the daily chart. The candles between October 19 and 24 form the flagpole, while the pennant itself comes after the pullback and consolidation between October 25 and 28. With this, the expected breakout point is anticipated to be above the $31,403 level.
The Relative Strength Index (RSI) above 50 shows strong bullish momentum, along with the positive Awesome Oscillator (AO) and its associated histogram bars flashing green.
The Tekan (at $31,929) and Kinjun (at $30,909) indicators also support the bullish outlook. They are reputed to improve the visual perception of an asset’s price action. With Tekan rising to $31,929, it is a sign of increasing strength after a period of stability (a sign of weakness).
With this outlook, a breakout, and therefore the activation of the pennant, could catapult the price of bitcoin, first surpassing the range high of $35,280 before venturing above the psychological level of $36,000. In a very bullish case, it could send it to the psychological level of $40,000. Such a measure would constitute a 20% increase above current levels.
On the other hand, profit booking could send bitcoin price lower, with bearish targets at $31,690 or, in the worst case, a drop to the $29,713 level. With this perspective, it is impossible to miss the RSI move downwards, which points to a decline in momentum. This, coupled with the fact that at 81, btc is massively overbought, increases the chances of a drop.
As such, investors should not be surprised if the price of bitcoin pulls back before rising again.
btc?src=hash&ref_src=twsrc%5Etfw”>#btc sends mixed signals in the immediate short term. It’s pretty even right now, which is why I shared both scenarios. I think a pullback could happen before bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin resumes his career. Tenkan and Kijun could attract the price. But let’s first see where the inner bar breaks…
– Cryptocurrency titan (@Washigorira) October 27, 2023
With bitcoin price giving mixed signals in the immediate short term, enlightened investors are looking to BTCMTX for better prospects. It is moving quickly through pre-sale, evidence of solid fundamentals that have attracted community support.
bitcoin Alternative
BTCMTX is the secure alternative to bitcoin while positioning you to become a btc owner. It is the token that powers the bitcoin Minetrix ecosystem. The platform has digitized and tokenized the entire btc mining process, keeping it in the cloud. Now, even ordinary people have the opportunity to own btc.
#BTCMTX provides a secure cloud mining platform for everyone crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto users.
Previous concerns about expensive hardware and cloud mining scams have deterred many from getting involved.
This decentralized strategy ensures a mining journey that is transparent and secure. pic.twitter.com/nRG0xVVEzj
—Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
bitcoin Minetrix is in the pre-sale stage, registering more than $2,577 million in collections so far. The BTCMTX token is auctioned for $0.0112, but this supply is limited to the next two hours as the price is about to increase with the conclusion of stage 3. Visit the bitcoin Minetrix website to buy BTCMTX on pre-sale now .
Celebrating another achievement in #BitcoinMinetrix!
Breaking the $2,400,000 mark! pic.twitter.com/zDmc7wlKAs
—Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
The barriers to entry into the bitcoin Minetrix ecosystem are low, as the platform is simple and easy to understand. You don’t need any technical knowledge to operate. It has also eliminated all the hassle, so cost, space, heat and noise no longer have to be a concern like in traditional mining.
Exploring all options with #BitcoinMinetrix!
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Seamless updatesbitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #CryptoMining pic.twitter.com/ZxRDAzqj6m—Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
Buy this stake to mine the cryptocurrency pre-sale, which experts say has the potential to generate a 10x return on your investment upon launch. To join the many merchants who are already flocking to this project, head to the website 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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