According to analysts, Bitcoin is close to $100,000 and Bitcoin price seems to have surpassed $50,000 as more bullish signs emerge. Bitcoin is showing some bullish signs as it touched $50,000 for the first time in a month following its sale to $40,000 in September. Details cryptocoin.com‘in.
Bitcoin price closer to 100k
“Bitcoin is closer to $100,000 than zero,” said Edward Moya, senior analyst at OANDA. Recapturing the $50,000 level is a big step for Bitcoin and important for the crypto realm. “Bitcoin is starting to show bullish signs regardless of the risk mode occurring on Wall Street.” At the time of writing, Bitcoin (BTC) was trading at $51,418.78, up 7% on the day. The breakout of Bitcoin (BTC) from the bearish US stock market sentiment is a significant change. “It seems like a large part of both the individual and corporate world has evolved and embraced being Long-Term Owners (LTH),” Moya said on Tuesday.
Moya added that trading could be volatile this week, but a key price level to watch would be $52,000, which could trigger more technical buying. Said the analyst:
Bitcoin volatility always rises at the crossing of key psychological levels and this should remain the case this week. If Bitcoin breaks above the $52,000 level, this could trigger another wave of technical buying. Bitcoin can be traded several times above $50,000. The next few days.
From a technical standpoint, Bitcoin (BTC) is a well-rested discount bull market that will continue to outperform, according to Bloomberg Intelligence senior commodity strategist Mike McGlone. McGlone said in a statement Tuesday:
The flagship crypto enters support tiers below $40,000. A correction of around 50% from the top seems to have cleared the market of excess and speculation. A rising stock market requirement for reflation against Bitcoin’s price discovery phase makes it a good place for sustained performance for crypto.
Global interest in Bitcoin
Despite China’s outright ban on crypto transactions, overall global corporate and individual interest in Bitcoin has not fallen. BofA strategists, including Alkesh Shah and Jessica Reif Ehrlich, said digital assets are “too big to ignore.” “Our view is that there may be more opportunities than skeptics expect,” they said. According to analysts, the next big volatile element for crypto is regulation, which can be positive in terms of price in the long run. Moya also predicts that the next big bull rally will be triggered by the final approval of a bitcoin ETF. Moya says:
The upcoming regulatory guidelines may be devastating in the short term, but many cryptocurrency traders are now happily buying in anticipation of seeing much of the selling pressure. A Bitcoin ETF may take a little longer to make, but it sure looks like it will. This is expected to pave the way for the next eruption.
Meanwhile, the headline drama around Bitcoin isn’t waning. JPMorgan CEO Jamie Dimon told Axios that Bitcoin “has no intrinsic value” and that “regulators will regulate the hell out of it.” Citadel Securities founder Ken Griffin told the Economic Club of Chicago that the company does not trade crypto due to the regulatory uncertainty of the space. “I don’t want to take the regulatory risk in this regulatory vacuum that some of my contemporaries are willing to take on,” Griffin said. “I actually think doing that will make it a smaller market because when there is regulatory clarity it will become a much more competitive market and that will be fine.” Griffin also questioned the amount of time and energy devoted to cryptocurrencies. “Let’s face it, this is a jihadist call that we didn’t make to the dollar,” he said.
On the other hand, Rekt Capital argues that bears betting on a new Bitcoin price capitulation could certainly burn this time. Bitcoin (BTC) may be fighting for $50,000, but its latest move could be the “ultimate” means of getting the bears to pay. Popular trader and analyst Rekt Capital described the latest BTC price action as the “ultimate bear trap” in a tweet on Oct. The analyst predicts it will suffer more for Bitcoin bears. After hitting $50,000 and hitting $50,400 for the first time in a month, Bitcoin has once again been the source of intense debate among market participants.
Whether BTC/USD can hold $50,000 and if not, how low it can go is the topic of the day as volatility continues. However, it is the longer timeframes that deserve more attention for Rekt Capital. Specifically, the weekly chart has created a head and shoulders pattern for the pair – which traditionally points to new downside developments. This time, based on the latest strength, it’s probably different. “Looks like Weekly Head and Shoulders was the ultimate Bear Trap,” he summed up to his Twitter followers.
For altcoins that are slowing down despite Bitcoin’s rise, pain may come later. Trader Scott Melker said on Tuesday, “ALT/USDT pairs look good. ALT/BTC pairs look tough. It usually means that BTC is about to rise, dragging ALT/USDT pairs up a bit, but crushing them against BTC. As a trader at the time, he was better off in BTC. “It’s a possible scenario, although it’s not certain,” he warned.
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