A Promising Model Suggests Bitcoin Could See a Significant Rise, Analyst Claims - COINTURK NEWS
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A Promising Model Suggests Bitcoin Could See a Significant Rise, Analyst Claims

4:19 am (34 days ago)
November 1, 2023

Kripto para markets’ well-known analyst, who is one of the recognized names in the crypto currency market, claimed that Bitcoin has formed a model that could prepare it for a significant rise. The analyst stated that the leading crypto currency could make a significant progress in the near future.

Bitcoin’s 10% Rise Explanation

Experienced analyst Tone Vays suggested in his new statements that Bitcoin could increase by about 10% from its current price in the near future. Tone Vays claimed that Bitcoin shows a rising price pattern on the four-hour chart due to its consolidation in a very important channel between approximately $34,858 and $33,701. The analyst stated the following in his comments:

There is an upward trend as long as it does not exceed $33,500 on the four-hour chart. We can now really establish a channel. This is an amazing channel. We are now in the middle of the channel. We will most likely experience an upward break. Let’s see how long it will last. It is more likely to be a breakout rather than a collapse. There is no need for it to burst. Technically, it can go in either direction.

Negative Scenario for Bitcoin

In his statements, the senior analyst provides a possible target for a rise of 8% to 10% after the breakout is confirmed. Vays also stated that if Bitcoin retreats, it could hit bottom before reaching the $30,000 level, where several important moving averages are likely to provide support. The analyst concluded his statements as follows:

BTC has a massive support area at the $28,000 level. I love this critical area. It would be surprising if the Bitcoin price were to pull back to this support area. However, the longer it takes, the higher the moving averages rise. So, when it finally pulls back… Maybe it can only go up to $31,000. Let’s see how fast these moving averages can rise.

In conclusion, according to the analyst, Bitcoin is consolidating at critical levels and has a potential for 8-10% increase if it breaks $33,500. At the time of writing this article, Bitcoin is trading at the level of $34,368 according to the data obtained from the website 21milyon.com.

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