The forecast shows that Bitcoin is attempting to break away from the trading range of the past week, but the longer time frame reveals the potential for Bitcoin price increases.$35000 determines the effectiveness of breaking through the Bitcoin rangeAccording to data from CointelegraphMarketsPro and TradeingView, BTC prices continued to rise until November 2nd
The forecast shows that Bitcoin is attempting to break away from the trading range of the past week, but the longer time frame reveals the potential for Bitcoin price increases.
$35000 determines the effectiveness of breaking through the Bitcoin range
According to data from CointelegraphMarketsPro and TradeingView, BTC prices continued to rise until November 2nd.
After the daily close, the BTC/USD on Bitstamp reached $35968, the highest level since May 2022 and exceeding the local peak of last month.
Now, the courage of Bitcoin to return to testing the $35000 support level has attracted the attention of market participants, some of whom have not underestimated the possibility of a new round of decline in Bitcoin prices.
Popular analyst Mark Cullen stated in the latest update that $35000 is an important bottom line that needs to be defended.
Now that Bitcoin has broken through its range, things have become a bit simpler. Whether we hold and push it up or down, we may lose the main upward trend of BTC in the short term, "he wrote on X, referring to the relatively sideways trading pattern of the past week.
Karen added that Bitcoin needs to close its candles below the $35000 mark for 4 hours to reverse market sentiment.
There is no reason to be bearish until BTC returns below 35k at H4. The pullback test is good and may be an opportunity for # BTFD, "he said.
Trader: $34600 is now an 'ideal downside target'
Traders and analysts, CredibleCrypto, are also focusing on the short-term range.
Like Karen, he predicts that the return rate will be lower before the rally continues, thereby capturing later bulls and bears and increasing liquidation during this process.
On that day, he designated the area of around $34600 as his "ideal downward target".
A section of the X comment states: "Short selling to support and waiting for a bid is usually a good way to squeeze/recover price increases
After halving, the price of Bitcoin will reach $48000?
As reported by Cointelgraph, although Bitcoin has rebounded and remained at a level of $34000 in the past week, bearish BTC price forecasts still exist.
$20000 is a popular choice, in stark contrast to the generally bullish consensus level of $40000, while others believe it is only a matter of time.
However, for popular trader Jelle, the outlook requires further increase in BTC/USD.
By analyzing a longer time frame, Jelle discovered a breakthrough, indicating a target close to $50000.
In the analysis of the day, he acknowledged that achieving the goal may take "some time".
We see a strong start to the fourth quarter that meets expectations, but I do expect the momentum to gradually fade in about 2-3 weeks, "he reasoned.
The struggle to break through $48000 may take some time - the bull market will only truly begin to develop after halving
Bitcoin's Next TimeBlock subsidy halvedThe current plan is to occur in April 2024.
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