The current price of BTC is $33850, and the cumulative value of cryptocurrency exceeds $1.24 trillion
The current price of BTC is $33850, and the cumulative value of cryptocurrency exceeds $1.24 trillion. The trading volume is once again approaching the $100 billion mark. All indicators indicate that cryptocurrencies may continue to rise. So what are the experts' expectations for this matter?
Bitcoin (BTC) Analysis
Bitcoin ETFExpected to push prices above $35200 and reach a 17 month high. The price has risen by nearly $5000 within a day, which is surprising.MaterialIndicatorsIn its social media post, it was stated that the market's resistance over the past year and a half has been easily overcome.
To be honest, we expect resistance levels to be around $30500, $31500, or even $33000. These levels were destroyed, and when $87 million of buying appeared at $30600, it laid the foundation for the market to reverse R/S without hesitation. After breaking through $32000, the overall liquidity was partially withdrawn, and weak liquidity quickly led to BTC rising to $35000
Cryptocurrency analysts' predictions
So what are the opinions of other experts on the recent rebound and what will happen next? CryptoBullet warns investors, "Funds are basically positive
This means that most traders crave it. Most will never be right. Market makers will have to eliminate these late bulls
The funding rate is exceptionally severe, and DaanCryptoTrades has also addressed this issue. He believes that this reversal is a positive indicator reflecting the structure of a bull market. Therefore, the rise of cryptocurrencies led by BTC should continue.
During a bull market, it should be pointed out that we often have positive funding rates for several weeks, as they are seen as the 'cost of participation'.
Popular macro analyst James Stanley stated in his latest assessment that the personal consumption expenditure (PCE) data to be released on October 26th will be the most important determining factor for the US dollar index in the short term. Due to the consistently negative correlation between DXY and BTC, data-driven increases may drive down BTC prices. It is expected that the inflation indicator PCE tracked by the Federal Reserve will decrease year-on-year compared to previous data, but increase by 0.3% on a monthly basis.
If DXY falls below the 104.7 level on October 26th due to positive data, it may mean that the upward trend in the cryptocurrency market will continue. The degree to which prices are affected by macroeconomic developments will also indicate whether this rise is the beginning of a bull market. Anyway, if prices continue to rise, it indicates that abnormal demand is moving towards the end of the bear market.
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