Bitcoin (BTC) has jumped to a new 18-month high, but holding the latest support level is now key to avoiding a “collapse.”
$35,000 Determines Validity of Bitcoin Range Breakout
Data comes from Cointelegraph Markets Pro and trading view It shows that the BTC price increase continues until November 2nd.
After the daily close, BTC/USD on Bitstamp hit $35,968, its highest level since May 2022 and surpassing last month’s local peak.
Now, Bitcoin’s courage to return to test the $35,000 support level has attracted the attention of market participants, some of whom are not discounting the possibility of a new decline in Bitcoin prices.
in his the latest updateProminent analyst Mark Cullen said $35,000 is an important floor to defend.
“Now that Bitcoin’s range has broken out, things are a little simpler. Whether it’s hold and push higher or lower, we may be out of the major BTC uptrend in the short term,” he wrote on X, referring to A relatively sideways trading pattern over the past week.
Cullen added that Bitcoin needs to close the 4-hour candle below the $35,000 mark to reverse market sentiment.
“Until BTC closes back below 35k in H4, there is no reason to be bearish. A pullback test is good and could be an opportunity for #BTFD,” he said.
Trader: $34,600 now ‘ideal downside target’
Traders and analysts Credible Crypto are also focusing on shorter time frames.
Like Cullen, he predicts lower returns before the rally continues, capturing late-stage longs and shorts in the process and increasing liquidation.
Our breakthrough is here
Something like this that kills off some late elders quickly wouldn’t surprise me.
Quick transfer into demand, later longer flush + fresh short accumulation into demand, higher low print, getting it back into the actual pump. Bitcoin USD pic.twitter.com/QZAaYEHb28
— CrediBULL Crypto (@CredibleCrypto) November 2, 2023
That day, he placed a Area approximately $34,600 As an “ideal downside target”.
Part of X’s review reads: “Shorts selling into support and waiting for bids are often a recipe for a price squeeze/resumption of the move higher.”
Bitcoin price hits $48,000 after halving?
As Cointelegraph reported, bearish BTC price predictions remain despite Bitcoin rebounding over the past week and holding on to $34,000 levels.
Related: BTC price rises more than 100%?Bitcoin Faces ‘Severely Overvalued’ Stocks
$20,000 is a popular option in contrast to the generally bullish consensus level of $40,000, while others believe it is only a matter of time.
However, for popular trader Jelle, the outlook calls for further gains in BTC/USD.
By analyzing longer time frames, Jelle found a breakout that suggested a target close to $50,000.
this #bitcoin The bullish bullhorn pattern has a target of +/- $48,000.
It broke out last week.
bring it on. pic.twitter.com/xauSPxbr5d
— Jelle (@CryptoJelleNL) November 2, 2023
In his analysis of the day, he acknowledged that achieving his goals may take “some time.”
“We saw a strong start to the fourth quarter as expected, but I do expect the momentum to slowly fade in about 2-3 weeks,” he reasoned.
“The fight to break $48,000 may take some time – the bull market only really starts to develop after the halving.”
Bitcoin’s next block subsidy halving is currently scheduled to occur in April 2024.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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