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The cryptocurrency markets have had a great start to the week and are ending October with a rise that is in line with historical performance. With just a few days left until the monthly close, it is almost certain that the Fed will keep interest rates unchanged, with a 99.8% probability. So why can’t the price of Bitcoin break $35,000 permanently? Has the rally come to an end?
Bitcoin (BTC)
At the time of writing, the king of cryptocurrencies, Bitcoin, is trading at $33,967. The rallies in altcoins, on the other hand, seem to have calmed down for now. Historically, the markets tend to be negative 180 days before the halving, but due to the prolonged period of excessive selling, the current cycle may take a different path.
According to Material Indicators’ latest evaluation (formerly known as Twitter), it is still too early to be sure where the price will go. For now, we will have to wait and see.
“We will have to wait for some candles to develop to see what the next move is. Historically, the side with the closest liquidity density to the active trading zone wins the battle, and currently, both sides have a slight advantage with this density close to the bid side. Any wick below this level before (or after) the monthly candle close will invalidate this Bull Market breakout attempt, so it is important to maintain the $33,000 level.”
So what is the optimistic scenario for BTC? According to the analyst, we may see a retest of $33,000, and if a new upward reaction comes from there, we will see a new high between $36,000 and $40,000.
Cryptocurrency Comments
Experts like Michael Poppe and Daan Crypto Trades were in favor of further price increases. Rekt Capital, in his latest market prediction, wrote that closes above $32,000 indicate a continuation of the upward trend. QCP analysts had previously pointed out the same price zone weeks ago, stating that closes need to be monitored for the reversal of the downtrend.
Although Credible is known for his optimistic approach, he says that BTC could surpass $45,000 after dropping to the $24,000 price range.
We have seen multiple tests of price gaps in the Bitcoin futures market on CME Group. This is one of the motivations behind the predictions of a decline. However, in parabolic rallies, there is also a high possibility that price gaps will not be tested. In conclusion, investors need to wait for a clearer direction, and the ongoing value decline in altcoins indicates a potential short-term pullback.
