Bitcoin Surges to 18-month High: Will $35,000 Range Hold or Breakdown?
Summary:
Bitcoin recently soared to a new 18-month high of $35,968. Analysts indicate the need to maintain the $35,000 range as pivotal to avoid a potential decline. Despite Bitcoin securing the $34,000 mark over the previous week, bearish BTC price predictions persist, while some believe reaching $40,000 is a matter of time. A particular analysis suggests a possible surge towards $50,000. The volatility of the cryptocurrency market warrants cautious investing, with a recommendation for independent research before making any investment decisions.
The price of Bitcoin (BTC) recently soared to levels not seen in the past 18 months, although ongoing support is essential to stave off a potential "breakdown." BTC surged to a height of $35,968 on Bitstamp following the daily close on November 2, an achievement that outshone previous records since May 2022 and surpassed the peak from the previous month. With Bitcoin now examining $35,000's reliability as a backbone, market players are keeping a keen eye on proceedings. Some are even entertaining the prospect of another drop in the value of BTC. Renowned analyst Mark Cullen, in his recent commentary, branded the $35,000 level as a critical threshold to maintain.
According to Cullen, the situation is simplifying. Bitcoin either holds its ground and continues its upward trajectory, or it breaks down and potentially sacrifices the major uptrend in BTC in the immediate period. He also raised the point that Bitcoin would necessitate closing a 4-hour candle under the $35,000 level to trigger a change of sentiment.
Trader and analyst Credible Crypto is also monitoring the short-term range and, like Cullen, anticipates a momentary drop before a rebound. He considers the $34,600 mark as an "ideal downside target."
Bearish BTC price predictions persist, despite Bitcoin securing and upholding the $34,000 mark over the previous week. Some believe that a bullish level of $40,000 is simply a matter of time. For notable trader Jelle, the future looks even brighter as his analysis of longer timeframes suggests a rocketing price of BTC that could approach $50,000.
The next block subsidy halving for Bitcoin, planned for April 2024, will play a role in driving the bull market. However, traders and investors must approach these predictions and the volatile cryptocurrency market with caution and conduct thorough independent research before making any investment and trading decisions.
Published At
11/2/2023 8:48:08 AM
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