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Expert analyst Peter Brandt warned on October 26th that the bottom of Bitcoin is approaching, but the all-time highs may not occur until the third quarter of 2024. Will Bitcoin enter a correction phase or continue its upward momentum in the next few days?
Bitcoin (BTC)
Bitcoin is facing resistance at $35,000, but the bulls are not giving up. This indicates that buyers may soon attempt to continue the uptrend. The risk of further upside is supported by the relative strength index (RSI) being in overbought territory. This suggests a possibility of a minor correction or consolidation in the near term. If the price falls below $33,679, the BTC/USDT pair could retest $32,400 and then $31,000.
However, it is not certain that overbought levels in the RSI will trigger a correction. Sometimes, during a trend reversal from a bearish trend to a bullish trend, the RSI tends to stay in overbought territory for an extended period. This is because buyers continue to accumulate on every intraday dip. If the price rises from the current level and surpasses $35,280, it could signal the start of the next leg of the uptrend. The pair could then surge to $40,000.
Ethereum (ETH)
The long wick on the October 26th candlestick indicates that bears defended the minor resistance at $1,855. The rising 20-day EMA and the RSI near overbought territory suggest that bulls have the upper hand. If the price rises above $1,746, bulls could attempt to push the ETH/USDT pair back above $1,855. If this level is breached, the pair could surge towards the psychologically significant level of $2,000. To prevent the uptrend, bears may need to quickly pull the price below the $1,746 breakdown level. The pair could then drop to the 20-day EMA. While Bitcoin is nearing its bottom level, according to expert analyst Peter Brandt, the market balance continues in Bitcoin and Ethereum. In Ethereum, bears are defending the resistance at $1,855, while bulls are attempting to sustain the uptrend by surpassing this level.
