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The price of Bitcoin is currently at $30,500, and altcoins have seen double-digit gains this week. Despite the promising outlook, investors’ confidence has been shaken by the losses brought about by months of false rallies. So, will Bitcoin be able to succeed this time? Will we see the continued momentum of altcoins’ recent rallies?
Bitcoin Price Analysis
The king of cryptocurrencies reached a new yearly high of $30,985 today, about $1,000 below its annual peak. The main resistance zone for BTC is between $31,000 and $31,300. If the price surpasses this critical level and closes above it, it could further accelerate the rise of altcoins.
The readings on the weekly chart are positive, and Uptober is unfolding as expected. So far, October’s historical performance has not misled investors. The only question is whether this momentum can be sustained until the end of the month.
Although there are still days left until the weekly close, if BTC can continue like this, it may achieve the best weekly close of the year. The weekly RSI confirms the uptrend. The RSI on the long-term chart, which has also recovered alongside the price, is a positive signal for a trend reversal.
Attention Crypto Investors
If the BTC price continues to rise strongly, it will have a positive impact on the entire crypto ecosystem. This means that altcoin investors should focus on the BTC chart rather than their portfolios. Breaking the $29,000 resistance area on the daily chart is extremely positive. At the same time, the daily close near $30,000 levels supports further increases.
The level that investors should keep an eye on is the $31,300 resistance area. This level is the final hurdle for creating a peak above the yearly high. If the BTC price sees a breakthrough above the resistance, it can then focus on targets that are 10% and 18% higher respectively.
In a positive scenario, the $33,700 and $36,000 resistance levels could be the areas where the bear market officially ends. Although investors who have been worn out for almost two years find it difficult to believe, BTC may be making its final attempt of the year.
But what if we are in the midst of a speculative rise, as analysts like Capo suggest? In other words, if BTC is on the verge of a downward movement that triggers a greater loss in altcoins, as it has been doing for months? In that case, we may see the price decline from $31,300 to the $29,000 and $28,300 regions. In this scenario, most altcoins may fall below their pre-rise levels.
