At the start of the week, the rise in the Asian trading session made a big impact. With sudden surges in the session, Bitcoin reached its highest level in three months on October 23rd, making investors happy. So what scenarios are analysts discussing for Bitcoin as we enter the final days of Uptober?
Bitcoin is Steadily Approaching the Summit
According to data from TradingView, the price of Bitcoin made a significant effort to reach $30,944. For the first time in three months, Bitcoin saw its weekly close above $30,000, getting even closer to the most important resistance level that analysts are focused on. The most crucial level among these is the highest level of 2023, which is $31,800.
Popular investor Jelle reminded in a post shared on October 23rd that Bitcoin has returned to a key resistance for the third time in six months, and continued as follows:
“It’s time to be cautious, but I don’t think you would want to show a bearish trend just because we are reaching the resistance level. The level will eventually give in, and the movement will be explosive. Tick… Tock…”
Another analyst, Matthew Hyland, claimed that Bitcoin is already ready for another rally period, as the market resembles the period just before the highest level of the year.
Following the market movement, another investor Skew stated that the consolidations on the chart continue and made the following comment, referring to high-timeframe levels in an X post:
“The price is testing an important high-timeframe resistance area again, but if the Bitcoin price retraces, it will look for continuation signals around $29,500 to $28,700.”
Altcoins are Printing Money
Blockchain research firm Santiment has started following a new cryptocurrency market scenario that accompanies Bitcoin’s recent gains. The company’s analysts pointed out that altcoins are gradually rising, and this started happening before Bitcoin even surpassed the $30,000 level.
At the time of writing, as Bitcoin continues to test the $31,000 resistance just minutes before Wall Street opens, popular analyst Jelle shared the following comment in an X post:
“Altcoin positions continue to print money, and many people are not ready for what is to come in the coming months.”
