The cryptocurrency market started well this week and showed a consistent rise at the end of October, in line with historical performance. With only a few days left until the monthly closing, it is almost certain that the Federal Reserve will maintain interest rates unchanged, with a probability of 99
The cryptocurrency market started well this week and showed a consistent rise at the end of October, in line with historical performance. With only a few days left until the monthly closing, it is almost certain that the Federal Reserve will maintain interest rates unchanged, with a probability of 99.8%. So why can't the price of Bitcoin permanently exceed $35000? Has the meeting come to an end?
Bitcoin (BTC)
As of the writing of this article, the transaction price of Bitcoin, the king of cryptocurrencies, is $33967. On the other hand, the rise of counterfeit coins seems to have calmed down at present. From a historical perspective, the market has often been negative 180 days before the halving, but due to long-term oversold, the current cycle may take a different path.
According to the latest evaluation by MaterialIndicators (formerly Twitter), it is still too early to determine the price trend. At present, we must wait and see.
We will have to wait for the development of some candles before we can see the next trend. Historically, the party with the closest liquidity density to the active trading area has won, and currently, both parties with liquidity density close to the bidding party have a slight advantage. Before (or after) the monthly candle closing, any shadow below this level will invalidate this bull market breakthrough attempt, so maintaining the level of $33000 is very important
So what is the optimistic outlook for Bitcoin? According to analysts, we may retest $33000, and if there is a new upward reaction from there, we will see a new high between $36000 and $40000.
Cryptocurrency comments
Experts such as Michael Poppe and DaanCryptoTrades support further price increases. RektCapital wrote in its latest market forecast that a closing price above $32000 indicates that the upward trend will continue. QCP analysts previously pointed out the same price range a few weeks ago and stated the need to monitor the closing price to determine the reversal of the downward trend.
Although Credible is known for his optimistic attitude, he stated that BTC may exceed $45000 after falling to the price range of $24000.
We have witnessed multiple tests of the price gap in the Bitcoin futures market at the Chishang Exchange. This is one of the motivations behind the downward prediction. However, in a parabolic rebound, the price gap is also likely not to be tested. In short, investors need to wait for a clearer direction, and the continuous decline in the value of counterfeit coins indicates a potential short-term correction.
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