Bitcoin Hits 18-Month High, but Support at $35,000 Crucial to Avoid Breakdown
Bitcoin (BTC) has surged to its highest levels since May 2022, reaching $35,968 on Bitstamp after the daily close. However, the cryptocurrency now needs to hold the $35,000 support level to prevent a potential breakdown.
Analyst Mark Cullen Emphasizes Importance of $35,000 Support
In his latest update, analyst Mark Cullen highlighted the significance of the $35,000 support level. He stated that if Bitcoin fails to hold above this level and closes a four-hour candle below it, the short-term uptrend could be lost.
Cullen also mentioned that there is no reason to be bearish unless Bitcoin drops back below $35,000. He sees a potential dip as an opportunity to buy the dip and expects a bounce from that level.
Trader Credible Crypto Targets $34,600 as Ideal Downside Target
Trader and analyst Credible Crypto also believes that Bitcoin could see a pullback before continuing its upside movement. He has identified a zone around $34,600 as an ideal downside target.
Credible Crypto explained that when shorts short into support with bids stacked waiting, it often leads to a price squeeze and a reversal back to the upside.
Predictions for BTC Price Post-Halving
While some analysts expect Bitcoin’s price to reach $20,000 or $40,000 in the near future, trader Jelle sees a target closer to $50,000. He identified a bullish megaphone pattern on longer timeframes that suggests a target of approximately $48,000.
Jelle anticipates a strong start to Q4 but expects momentum to fade in a few weeks. He believes that breaking the $48,000 level may take some time and that the bull market will gain momentum after the next block subsidy halving in April 2024.
Hot Take: Bitcoin Nears All-Time Highs Amidst Support Concerns
Bitcoin has surged to new 18-month highs, reaching $35,968. However, it now faces a crucial test at the $35,000 support level. Analysts emphasize the importance of holding above this level to avoid a breakdown and maintain the short-term uptrend.
Traders predict a potential pullback, with downside targets around $34,600. Meanwhile, others have a more bullish outlook, targeting prices closer to $50,000 in the long term.
The next few weeks will be crucial for Bitcoin’s price action as it determines whether it can sustain its upward momentum or face a correction.
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