The cryptocurrency market woke up in high spirits on October 29 after the bulls managed to push Bitcoin (BTC) price near the USD 63,000 support zone and Ether (ETH) hit a new all-time high of USD 4,460.
Here’s what analysts say about the market as Bitcoin finds support over $ 60,000 and Ether seeks to break new ground.
Bulls believe BTC could hit $ 90,000
The bullish moves in BTC and Ether triggered a moment of thought for the independent market analyst. Crypto_Ed_NL, who tweeted that “it seems I wasn’t optimistic enough at $ 40,000” when a target of $ 73,000 was given.
After considering recent moves, the analyst pointed out that the “The target has been moved to $ 90,000 and after a correction we should see $ 100,000.”
Regarding the exact impact of this scenario on the price of Ether, Crypto_Ed_NL released a follow up tweet that described how the price action could develop and stated a price target of over $ 6,000.
• You do not need to provide the usual disclaimers. I’m wrong if I’m wrong, but I would be very surprised if I’m wrong here. “
The $ 85,000 level is the next big hurdle for BTC
The crypto market research company More decentralized given a deeper insight into the Bitcoin price movement, who pointed it out The 14% pullback in last week’s BTC price from $ 67,000 This was due to “token margin leverage traders aggressively craving the final race for all-time highs and short breakout levels.”
According to Decentrader, Both long and short positions have felt the pain of the recent drop in prices after a total of $ 120 million in short positions was liquidated on October 20. The late longs also suffered $ 100 million in liquidations the following day.
Now the price of BTC has “fell back to the failed rally point of May this year”, which is now “active support after a failed breakout”.
As a sign of the continuation of the upward trend over a longer period of time, we see the 128 DMA cross above the 200 DMA. In previous bull markets, price has seen a sustained rally after such crossings. On a technical, market cycle and on-chain basis, we continue to believe that the next major difficulty area for BTC will not come until we get closer to $ 85,000- $ 90,000.
Ether ready to continue at $ 5,000
Market analyst and Cointelegraph employee, MichaÃl van de Poppe presented a possible scenario of how the price movement of ether could develop in the near future.
van de Poppe said:
“Nice move from S / R (support to resistance) and probably ready to move further towards $ 5,000.”
The global market capitalization of cryptocurrencies is currently $ 2.666 trillion and Bitcoin’s dominance index is 44.2%.
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