Trading platform Decentrader reports that Bitcoin (BTC) is “ready to go up” again as BTC price action changes dramatically in crucial time frames.

In the latest market review from October 29, the company predicted new bullish potential for Bitcoin, which has fallen below its old all-time highs this week.

$150,000 by the end of the year
Analysts believe that despite the sideways movement of BTC/USD, which allows the markets to guess, there is still an opportunity to make money in the short term.

While the area around the two notable lots this year – $63,900 and $67,100 – is the main topic of discussion, the real controversy may actually be well beyond the opening $100,000 range.

“From a technical standpoint, the market cycle and our chain of events, we continue to believe that the next big challenge for Bitcoin$ will not be met until we get close to $85,000-$90,000,” the update predicts.

This is partly due to the transition between the 128-day and 200-day moving averages, which historically have given the possibility of a “shock” rally.

Closer to home, the three-day chart of Bitcoin, which Decentrader considers a particularly accurate pricing tool, is now bullish, in contrast to the daily bearish and neutral weekly setups today.

This is one of the components that influence the potential channel of price movement, as a result of which Bitcoin could reach the $150,000 mark in early 2022.

BTC/USD chart with the upper target of the channel. Source: Decentrader
The status quo with the total supply of bitcoin should help matters – foreign exchange reserves continue to decline, indicating that traders are willing to hold, not sell.

“The data continues to indicate that current market participants remain bullish. One data point that supports this is the continued depletion of bitcoin from exchanges when users decide to put their bitcoins into cold storage.” The net effect of this is that short-term supply is shrinking,” the Bitcoin update states.

“Until this trend reverses, it will continue to put upward pressure on the price as the demand for bitcoin must bear higher prices amid the limited supply available.”

Bitcoin reserve chart. Source: Bybt
Ark explores beef market development
Asset manager Ark Invest also provided a broader view of the state of Bitcoin at the end of October.

On the topic: Don’t be bearish for bitcoin just yet, says veteran trader who called the crash in 2018.

In the latest edition of its custom guides released this week, the notorious bullish firm has done calculations to gauge how much of an overall upside potential for BTC/USD is.

Most of them, according to Cointelegraph, indicate that the uptrend is far from over, although some are heading into the area that has historically marked the cycle’s peak.

“In our view, the value of Bitcoin depends on its economic utility, and the value of Bitcoin depends on supply and demand. We believe that in the short to medium term investors should be able to assess the behavior of buyers and sellers in relation to Bitcoin and use relative value measurements to effectively manage Bitcoin positions , as mentioned in the accompanying comment.

Source: CoinTelegraph

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