Bitcoin Price Continues to Hover at $35,000: What's Next? - COINTURK NEWS
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Bitcoin Price Continues to Hover at $35,000: What’s Next?

7:08 pm (30 days ago)
November 6, 2023

The price of Bitcoin continues to hover around $35,000, and the cumulative value of cryptocurrencies is targeting the next resistance. Investors are encouraged by strong institutional demand, leading to a recovery in altcoins. So, what can we expect in the coming days? Will volatility increase again? Will the crypto market rally continue?

Expert Bitcoin Predictions

As we mentioned yesterday, Powell will make two speeches this week, and we will see the statements of members throughout the week. The data that came out last Friday changed the market’s 2024 interest rate expectations in favor of cryptocurrencies. Interest rate cuts could start in mid-2024, and by the end of the year, we could see a total of 100bp reduction in interest rates.

Popular crypto analyst Skew emphasizes that the battle is intensifying. As open interest in futures increases, investors may expect more volatility in the coming days. Daan Crypto Trades, drawing attention to the funding rate in futures, said:

“There are quite a few positions opened over the weekend, so I think we will see more fluctuations in the markets.”

Crypto Tony argues that the expectation of a rally continues, but taking long positions at the current price is risky. According to the analyst’s prediction, it is advisable to stay away from short positions unless the support level of $34,100 is lost. The analyst, who says that the price is at a crucial point, wrote that he will close his long position opened at lower levels below $33,000.

Bitcoin and Exchange Inflows

Current data highlights the increase in the number of long-term investors. As we have previously mentioned, the frenzy of accumulation shows that a new group of investors is making significant purchases above $30,000, raising the average cost. On the other hand, there is an important data showing that the accumulation continues. Net outflows from exchanges are reaching the highest levels of the year.

Van Straten stated the following in his CryptoSlate analysis dated November 3:

“There is a new momentum in Bitcoin withdrawal transactions; recently, more than 61,000 BTC have been withdrawn, which is a significant increase compared to approximately 43,000 BTC, which is the lowest level of the year. This increase indicates that investors prefer to keep their Bitcoin assets outside of exchanges and likely signifies a stronger long-term belief in the value of Bitcoin.”

With the increasing institutional demand, high outflows from exchanges, and strong price performance, it will not be surprising if volatility rises in the upward direction.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore carry risks and should conduct their own research.

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