At the beginning of this week, the rise in Asian trading hours had a significant impact. With the sudden surge in intraday trading, Bitcoin hit its highest level in three months on October 23rd, making investors delighted
At the beginning of this week, the rise in Asian trading hours had a significant impact. With the sudden surge in intraday trading, Bitcoin hit its highest level in three months on October 23rd, making investors delighted. So, as we enter the last few days of Uptober, what scenarios are analysts discussing about Bitcoin?
Bitcoin is steadily approaching the summit
According to TradeView data, the price of Bitcoin has significantly increased to $30944. For the first time in three months, Bitcoin's weekly closing price has exceeded $30000, even closer to the most important resistance level that analysts are concerned about. The most critical level is the highest level in 2023, which is $31800.
Popular investor Jelle reminded in a post shared on October 23rd that Bitcoin has returned to key resistance levels for the third time in six months and continues as follows:
It's time to be cautious, but I don't think you want to show a bearish trend just because we've reached resistance. The level will eventually yield, and the movement will be explosive. Tick... Tick
Another analyst, Matthew Hyland, claims that Bitcoin is ready for another rebound period as the market is similar to the period before the highest level this year.
After the market trend, another investor, Skew, stated that the consolidation on the chart is still ongoing and commented on the high time frame level mentioned in the X post as follows:
The price once again tests important high time frame resistance areas, but if Bitcoin prices retreat, it will look for sustained signals around $29500 to $28700
Counterfeit coins are being printed
Blockchain research company Santiment has started tracking new cryptocurrency market scenarios that have emerged with the recent rise of Bitcoin. Analysts at the company pointed out that counterfeit coins are gradually rising, which started happening before Bitcoin broke through the $30000 level.
At the time of writing this article, Bitcoin continued to test the resistance level of $31000 a few minutes before the opening of Wall Street. Famous analyst Jelle shared the following comments in the X post:
The counterfeit currency position continues to be printed, and many people are not yet prepared for what will happen in the coming months
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