The price of Bitcoin (BTC) is “ready to rally” againas the BTC price action looks bullish in crucial time frames, says the trading platform Decentrader.
In its last market update on October 29, the company posted forecast further rallies for the price of bitcoinwhich has stayed below the old all-time highs this week.
Potential of $ 150,000 at year end
Despite the price consolidation of the BTC / USD pair that is puzzling the markets, Analysts are confident that profits will come in the short term.
While the range around the two highs this year was $ 63,900 and $ 67,100? are the focus of the discussion, The reality could actually be close to $ 100,000 in the pricing area.
“From a technical, market cycle and on-chain perspective, we continue to believe that the next major difficulty zone for $ BTC won’t come until we get closer to $ 85,000- $ 90,000“Predicts the update.
This is in part due to a moving average crossover event with the 128-day and 200-day trends that has caused a “sustained” increase in the past.
In the present, the three-day bitcoin price chart, which Decentrader considers to be a particularly accurate pricing instrument, is now bullish contrary to current bearish daily and neutral weekly setup.
This is an ingredient that feeds a likely channel for price promotions that Bitcoin could hit $ 150,000 in early 2022.
The status quo with the global Bitcoin supply should help the cause: Foreign exchange reserves continue to decline, suggesting traders’ determination to hold rather than sell.
“The evidence continues to suggest that existing market participants remain optimistic. One piece of information that supports this is that continued outflow of bitcoin from exchanges as users choose to place their bitcoin in offline storage. The net effect of this is that the supply is reduced in the short term, ”concludes the update on Bitcoin.
“Until this trend changes, it will continue to drive the price higher as the demand for Bitcoin has to accept higher prices below the limited supply available.”
ARK examines bull market advances
The asset manager ARK Invest is also analyzing the state of Bitcoin at the end of “Uptober”.
In the latest edition of its dedicated guides released this week, the iconic bearish company has one Count the metrics to estimate how much bullish margin the BTC / USD pair has left.
Most, as reported by Cointelegraph, indicate that the bullish rally is far from over, despite the fact that some point to an area that has marked a bike stop in the past.
“In our opinion, Bitcoin’s value depends on its economic utility, while Bitcoin’s price depends on its supply and demand. In the short and medium term, we believe that Investors should be able to assess the behavior of Bitcoin buyers and sellers and use relative value metrics to actively manage Bitcoin positions“reads the comment accompanying the note.