Bitcoin Predictions To Keep An Eye On As Price Reclaims $34,000
28 Oktober 2023 - 6:00PM
NEWSBTC
Bitcoin has once again reclaimed $34,000 even as the euphoria
around the possibility of a Spot Bitcoin ETF being approved soon.
Following this, there is the need to look at the predictions of
certain analysts who have weighed on the future trajectory of the
flagship cryptocurrency from its current price action. Where
Is Bitcoin Headed From $34,000? In a post shared on his X (formerly
Twitter) platform, the CEO and Founder of trading platform MN
Trading, Michaël van de Poppe, stated that the crypto was fighting
$34,700 as resistance and that if it were to break out from that
level, the crypto token could rise to as high as $37,000 to
$38,000. Still interesting to keep an eye on #Bitcoin.
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 —
Michaël van de Poppe (@CryptoMichNL) October 26, 2023 Related
Reading: Chainlink (LINK) Surge Far From Done As Crypto Analyst
Predicts Rise To $15 He also seemed to suggest that $32,600 and
$33,100 were key support levels to keep an eye on as he labeled
them “areas of longing.” Another crypto analyst, CryptoTony,
projects that Bitcoin could still spike up to $36,000 before
“rejecting and letting the range begin.” $BTC / $USD – Update
Still looking for that spike up to $36,000 before rejecting and
letting the range begin. I will be long while we are above $30,000
personally, as we entered at $29,000 Range bound environment is
where #Altcoins will flourish and capital will rotate
pic.twitter.com/TC09TWWHll — Crypto Tony (@CryptoTony__) October
27, 2023 Bitcoin Halving has become an important metric in making
price predictions as the event draws near. In line with this,
crypto analyst CryptoCon mentioned that the 2-Year-Old Cumulative
Bands MVRV (Market Value to Realized Value) indicates that the
pre-halving woes have occurred. BTCUSD is currently trading
at $34.142. Chart: TradingView.com Bearing this in mind, CryptoCon
seemed bullish on the crypto token as he stated that “Bitcoin has
something special in store for us next.” The analyst had recently
predicted that Bitcoin could hit $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 bull flag was breaking out on the charts. This
suggests that the rally already experienced might be nothing
compared to what is on the way. 33.7 Trillion reasons to buy
#Bitcoin pic.twitter.com/TQMNlK60Sx — Crypto Rover (@rovercrc)
October 28, 2023 Bitcoin In A League Of Its Own Several crypto
analysts have, over time, noted the correlation between BTC and the
stock market. Bitcoin is said to experience a decline whenever
stocks are down and an upward trend whenever these stocks are on
the rise. However, recent data suggests that this trend might be
over (for now, at least). In a post on the X platform, Bitcoin
Magazine noted that Bitcoin has so far decoupled from the Nasdaq,
S&P 500, and Dow Jones this month. Bitcoin is up by over 28% in
October, while the Nasdaq and S&P500 have had a relatively
quiet month with just over 3% gains this month. Related
Reading: Analyst Forecasts Chainlink (LINK) To Fall Below $10
Following Massive Price Surge Bitcoin is also hitting 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 year began and hasn’t seen any significant
competition from Ethereum despite talks about ‘The Flippening.’
Featured image from iStock
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