Bitcoin's Latest Price Surge
Bitcoin (BTC) has reached new 18-month highs, surpassing $35,000, but its ability to hold this level of support will be crucial in avoiding a potential breakdown. The cryptocurrency's price gains have continued into November 2, hitting $35,968 on Bitstamp after the daily close. This marks its highest level since May 2022 and surpasses last month's local peak.
The Importance of $35,000 Support
Bitcoin's return to test the $35,000 mark as support has caught the attention of market participants. Analyst Mark Cullen emphasized that $35,000 is a significant line in the sand that needs to be defended in order to maintain the major uptrend in the short term. He stated that a 4-hour candle closing below $35,000 would indicate a change in sentiment.
Trader Targets $34,600 as Downside Target
Trader and analyst Credible Crypto also predicts a return to lower levels before upside momentum continues. He identified a zone around $34,600 as an "ideal downside target." Credible Crypto believes that short sellers entering the market at this support level could trigger a price squeeze and a subsequent move to the upside.
Bullish Outlook: Targeting $48,000
While some bearish Bitcoin price predictions suggest a drop to $20,000, there are others who remain bullish. Analyst Jelle analyzed longer timeframes and identified a breakout pattern pointing to a target of approximately $48,000. However, Jelle noted that reaching this target may take some time, and he expects the momentum to slowly fade in about 2-3 weeks.
It's important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.
