As a seasoned crypto investor with a knack for navigating the volatile crypto market, I find myself cautiously optimistic about Bitcoin’s current trajectory. The breakout above key moving averages and the holding of $66,500 is indeed a bullish sign, suggesting that the trend remains constructive. However, my years in the crypto game have taught me to never underestimate the market’s ability to surprise us.
As long as the value of Bitcoin remains above $66,500, optimistic investors (bulls) will maintain control over pessimistic ones (bears), according to crypto analysts. This is because Bitcoin has surpassed all significant moving averages.
According to Kraken’s analysis, this surge indicates that bulls are dominating the market, and as long as Bitcoin stays above $66,500, the overall trend is expected to stay positive.
Bitcoin set to reclaim ATH if it continues ‘upward movement’
As a researcher studying the cryptocurrency market, I posit that if Bitcoin (BTC) maintains its current price level and persists in its upward trajectory, it could potentially reach the significant milestone of revisiting its all-time high of $73,679, a peak attained in March.
If we manage to move past this point, it could lead to new price increases and continued upward movement,” they suggested.
Currently at the point of release, the value of Bitcoin stands at approximately $66,578, representing a decrease of 1.89% compared to October 25th, as per data from TradingView.
On October 25th, Bitcoin‘s value momentarily dipped from approximately $66,500 to $65,700. This drop was believed by cryptocurrency analysts to be due to uncertainties within the crypto market and growing geopolitical conflicts in the Middle East.
According to crypto trader Hardy, who posted on October 25th, Bitcoin appears to be influenced by previous fears surrounding Tether, as well as the recent conflict news between Israel and Iran.
Recent concerns over Bitcoin bearish engulfing pattern
On October 25th, according to CryptoMoon’s report, there are investigations by the U.S federal government into stablecoin issuer Tether. The Wall Street Journal published an article on the same day, claiming sources close to the situation as their basis. However, Tether’s CEO, Paolo Ardoino, dismissed it as old gossip.
Over the last week, there have been other significant decreases in Bitcoin’s value. As of October 21st, analysts pointed out a possible “bearish engulfing pattern,” which could lead to some temporary wariness regarding Bitcoin.
According to CryptoMoon’s analysis, every bearish engulfing pattern occurring close to a peak in the last seven months has led to a significant price drop afterward.
Bitcoin’s price dropped 3.59% during the Oct. 21 trading day, sliding from $69,367 to $66,873.
The analysts highlighted this, along with the Relative Strength Index (RSI), which is a tool used in technical analysis to gauge whether Bitcoin is more likely to be overbought or oversold by examining recent price changes. They mentioned that it has moved away from an overbought state.
According to analysts, this suggests Bitcoin might experience a brief period of stabilization or a slight decline.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- Top gainers and losers
- BNB PREDICTION. BNB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
2024-10-26 04:57