Crypto investors have started to feel the Uptober vibes as October comes to an end. Now, the parabolic rally expectation is high for November, and the $38,000 peak seems inevitable. So, what are the market experts predicting?
According to the popular crypto analyst, Titan of Crypto, the price of BTC is getting closer to its $50,000 target every day. The analyst is not concerned about the price retreat to an important Fib retracement level before the halving.
Bitcoin faces a strong resistance towards the $40,000 level. It struggled to break through this range in the past few days due to hasty profit-taking. It is a good selling point for investors who take advantage of the dips. Moreover, it presents a good cost point for those who bought during the 2021 bull market.
In his recent evaluation, Titan of Crypto confidently stated that before the halving, $39,000 will turn into a support level. At the time of writing, the price of Bitcoin is at $36,500, not far from the mentioned level. The only problem is the volume stuck in the $50 billion range and the difficulty in attracting new investors.
“We are about to reach the target range of $39,000-$50,000 that I mentioned about a year ago before the halving. Be patient and see that patience is the key. There has always been a rally in BTC before the halving. These rallies reached their peak within the 61.8%-78.6% Fibonacci retracement area.”
Filbfilb, the co-founder of DecenTrader, believes that the price of BTC could reach $46,000 by the time of the halving. However, historically, it is forgotten that the real big rallies occur after the halving. Many analysts predict that new ATH levels of $130,000 and above can be seen until the end of 2025.
A few analysts predict that the ongoing crypto correction could become more difficult for BTC to reach a deeper low. The $30,900 level has been discussed as a dip for some time, and such a move could result in losses of over 50% for altcoins. Moreover, this situation would establish new ATL levels for rising altcoins below the market average.