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Given the continued rejection of the $35k area by BTC price, it is possible that we could see Bitcoin correct to $31k.
Bitcoin price has surpassed the $35k resistance for the third time since the beginning of November. It broke the long-term consolidation range between $25k and $31k on October 22. Although the price has been rising since then, the overall signals have been mixed, with some analysts expecting a retracement and others expecting a continued uptrend.
When? B T c Having experienced a breakout of the lateral consolidation from $25k to $31k that started in March, the price closed at $33k, leading many to believe this was the beginning of the long-awaited bullish rally. The price continued to rise and reached almost $36k the following week, but the entire move was rejected, causing the price to close at $35k at the end of the week. This close at $35k also shows that BTC has closed around that price for the first time since April 2022. The new yearly high has been met with optimism among many Bitcoin supporters, rekindling hope for those who lost faith during the extended crypto winter.
Two possible directions for the price of Bitcoin
Given the price’s continued rejection of the $35k area, it is possible that we could see a correction in price to $31k, as it seems unlikely to get back into a long consolidation below $30k.
On the other hand, when various fundamental and market sentiment factors are considered such as new expectations Bitcoin, the anticipation of spot ETF approval, which could potentially drive the price of BTC to unprecedented highs, and the highly anticipated bullish run in 2024, among other reasons, we could see the price continue to move higher. Technical analysis also shows that if Bitcoin successfully breaks the $35k area, we can expect a sustained rise towards $47k with minor resistance levels around $39k and $44k.
Crypto Rover, a popular Bitcoin expert who shares his thoughts about the long-term potential of Bitcoin with his over 500k followers on X, believe that Crypto spot ETF approval and BlackRock’s involvement will push Bitcoin to $100,000. This view is also supported by many analysts who believe that the involvement of institutional giants in the ETF lobby will lead to hundreds of billions of dollars being invested in Bitcoin, thereby driving up the price.
Metrics are positive on expectations of continued bullishness
Data from Altcoin Daily shows that the number of Bitcoin addresses holding more than $1,000 has reached an all-time high, now totaling 8 million. This increase undeniably reflects growing confidence in crypto and some of the underlying factors contributing to the price rise.
#bitcoin Addresses holding $1K+ just reached a new ATH
– Altcoin Daily (@AltcoinDailyio) 7 November 2023
Data also from Glassnode suggestion of The number of coins held by long-term Bitcoin holders has reached an all-time high, with many people accumulating the crypto during this time. These indicators show that a large number of Bitcoin holders are expecting an upward move and are preparing to be part of the move.
As Bitcoin price remains in the $34k to $35k region with the next direction yet to be determined, many investors have also turned to altcoins. This has led to substantial gains in altcoins like Solana, Avalanche, and Polkadot over the past two weeks.
Temitope is a writer with over four years of experience writing across various fields. He has a special interest in the Fintech and Blockchain sectors and enjoys writing articles in those areas. He has bachelor’s and master’s degrees in linguistics. When he’s not writing, he trades Forex and plays video games.
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