Bitcoin Price Analysis: Bullish Long-Term Forecast
The price of Bitcoin (BTC) has remained impressive since reclaiming the $30,000 level on October 23. After bouncing back, it reached a high of $35,199 before retracing on October 24. However, recent market movements indicate that the bulls have broken through resistance levels at $31,000 and $32,400. These levels now act as support levels in case of a price decline.
Positive indicators suggest that Bitcoin’s price could rise further to reach $37,000. Analysts even believe that if the cryptocurrency falls back to critical support levels at $31,000 and $32,400, buyers will push it to as high as $40,000. Currently, Bitcoin has been trading below the resistance level of $35,000 since October 24.
Bitcoin Indicator Reading
Bitcoin has entered the overbought zone of the market, indicating a weakening upward momentum. However, price bars above the moving average lines suggest that the cryptocurrency may continue to rise. It’s worth noting that on July 13, Bitcoin surpassed the upper resistance level of $31,845, marking its second highest level in 2023.
Technical Indicators
Key resistance levels for Bitcoin are at $30,000 and $35,000. Meanwhile, key support levels are at $20,000 and $15,000.
What’s Next for BTC/USD?
Bitcoin experienced a high of $35,199 before resuming its downtrend. Currently trading sideways on the 4-hour chart below the resistance level of $35,000, if this level is breached, we can expect further upward movement. The candlestick body from the upswing on October 24 tested the 78.6% Fibonacci retracement level. This suggests that the BTC price could rise but may reverse at the 1.272 Fibonacci extension or around $36,634.
On October 23, cryptocurrency analytics specialists stated that Bitcoin’s resistance at $28,400 had been limiting its upward movement since August 29. However, the recent breakthrough has opened the door for potential gains.
Hot Take: Bitcoin Bulls Gain Momentum
The price of Bitcoin (BTC) has shown strength by reclaiming the psychological level of $30,000. With resistance levels being broken and positive indicators pointing to further gains, analysts believe that Bitcoin could reach as high as $40,000 if critical support levels are maintained. However, caution should be exercised as Bitcoin has entered the overbought zone, indicating a weakening upward momentum. Traders will closely watch whether Bitcoin can break through the resistance level of $35,000 and sustain its upward movement.
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