With the Uptober effect, Bitcoin has experienced a significant surge in recent weeks, delighting its investors. Along with this rise, the altcoin market also benefitted and joined the rally. So, what do analysts think about Bitcoin, which briefly broke the $35,000 resistance level this week and is currently trading at $34,035?
What’s Happening on the Bitcoin Chart?
According to data obtained from TradingView, the BTC/USD pair is trading at a stable level today, maintaining its gains from the beginning of the week. As Bitcoin approaches important milestones such as weekly and monthly closings, it is avoiding volatility.
Popular analyst and investor Daan Crypto Trades stated in one of the posts shared with his X subscribers that Bitcoin will stay within this range for a while. The famous figure continued his comment with the following words:
“I see it as a range between roughly $33,000 and $35,000. Eyes are on these levels for potential sweeps for quick trades.”
$40,000 Target for Bitcoin
More moderate perspectives came along with macroeconomic data. Popular investor Kaleo shared a post on X, stating that Bitcoin has significantly outperformed the S&P 500 since September and that there is still a good chance for BTC price to continue its upward trend. He said:
“Throughout last month, we finally saw the divergence from stocks that everyone was waiting for with BTC. While BTC has only seen a 36% increase against USD since its lowest levels in September, it has increased by 48% against SPX.”
Kaleo also compared BTC/USD with the S&P 500 and shared a chart indicating significant recent events in Bitcoin’s history, hinting at a $40,000 target. After these thoughts, many investors on X supported Kaleo, while a group of investors did not hesitate to criticize the famous figure.
Crypto and macroeconomic analyst Matthew Hyland criticized experts who argue that Bitcoin surpassing $32,000 is not significant in such an environment. Hyland stated that there are very few options left for Bitcoin and emphasized the importance of weekly and monthly closings.
