Bitcoin‘s (BTC) price has reached its highest level in 18 months, surpassing $35,000. Now, as investors wonder if the rally in the largest cryptocurrency will continue, analysts evaluate the $35,000 level, which has turned from resistance to support, as a key factor in preventing the price from falling.
Bitcoin Crosses the $35,000 Threshold with Excitement
Bitcoin managed to surpass the $35,000 level, carrying the positive price momentum from October into the new month. The price of the largest cryptocurrency reached its highest level since May 2022, rising to $35,968 on the Bitstamp exchange after the daily close. Now, BTC is retracing to test $35,000 as support, closely monitored by analysts who do not overlook the possibility of a decline.
Experienced analyst Mark Cullen emphasized in his recent Bitcoin commentary that $35,000 is an important threshold that needs to be defended. He stated, “Bitcoin has broken the resistance in front of it, which is quite significant. Now, it will either hold above this level and go up, or break down and most likely exit the upward trend, which could lead to a drop of up to $32,500.”
Cullen added that for the predicted downward scenario to materialize, BTC needs to close below the $35,000 level on the four-hour time frame. He said, “There is no reason to expect a drop until there is a candle close below $35,000 on the four-hour time frame. It is currently dropping to test $35,000 again, which probably presents a buying opportunity.”
Bitcoin Faces Two Opposing Targets: $34,600 and $50,000
Anonymous crypto analyst and trader Credible Crypto, on the other hand, follows Bitcoin on a lower time frame. Like Cullen, he also expects the price to form a bottom before the upward movement continues, allowing for the liquidation of both late-opening long positions and shorts. According to the analyst, the ideal target for this scenario is $34,600.
On the other hand, anonymous crypto analyst Jelle expects Bitcoin to rise further. Analyzing the largest cryptocurrency on a higher time frame, Jelle predicts a rise that will take the price to around $50,000. The analyst acknowledged that reaching the target level may take some time and said:
As expected, Bitcoin had a strong start to the fourth quarter, but I expect this momentum to gradually decrease in about 2-3 weeks. Reaching $48,000 may take some time. The real movement in Bitcoin will start after the halving of the block reward.
