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Bitcoin (BTC) has experienced a small rally after days of volatile price movements. Although it briefly surpassed the $30,000 level during this rally, the price has once again dropped below this level. However, it continues to draw attention from the market with its $30,000 target. During this process, some crypto analysts suggest that Bitcoin may be able to achieve further gains and potentially embark on an ATH journey.
Bitcoin Price Analysis and Future
Renowned crypto analyst TradingShot stated in a post dated October 20th that Bitcoin’s strong technical analysis and historical charts indicate a continuous upward movement, and unless certain criteria are met, there will be no correction. The analyst emphasized that Bitcoin is clearly targeting a price of $35,000. Despite the fake news about the spot Bitcoin Exchange Traded Fund (ETF) and recent negative developments, BTC has challenged them and demonstrated a strong stance.
According to TradingShot, Bitcoin is approaching a critical level. The analysis showed that the Relative Strength Index (RSI) on the daily chart has crossed above the 70.00 level, indicating overbought conditions. This level is noteworthy as it reached its highest point last Monday. However, this overbought condition may not necessarily lead to a correction, unlike the norm.
Bitcoin Price in Dollars
The famous analyst stated that the next significant buying opportunity would occur when Bitcoin corrects to the 1-day Moving Average 100 (MA100).
As a result, despite the overbought RSI, we do not expect a correction at the moment. Instead, we will wait for at least 3 Lower Highs to take profit and await the 1D MA100 correction. This will be a buying opportunity targeting a High Peak at 35500 above the 1.5 Fibonacci extension.
Bitcoin’s attempt to regain the $30,000 level after the false news about the Securities and Exchange Commission (SEC) approving the spot Bitcoin ETF gives hope to investors.
In the crypto world, the approval of the first spot Bitcoin ETF is expected by the end of the year. The SEC is still avoiding indicating any specific time frame regarding this matter. A recent court decision stated that the SEC’s refusal to grant Grayscale a Bitcoin ETF was meritless.
As of the time of writing, Bitcoin is trading at $29,803 and is seen to have gained approximately 1% in the daily review. In the weekly price analysis, Bitcoin has experienced an increase of over 10%.
