Bitcoin (BTC) Price to Hit New ATH as Long as It Stays Above This Resistance Zone (Analyst)
TL;DR
- Analysts share optimistic BTC price predictions. One trader thinks a parabolic increase of $300K is possible sometime next year.
- The US presidential election on November 5 may drive BTC volatility due to candidates contrasting crypto policies.
New Peak Under This Condition
Bitcoins price has been one of the hottest topics in the crypto space in the past few days. It pumped to as high as $73,600 (just $150 away from tapping a new all-time high) on October 29 before slightly retreating to its current $72,200 (per CoinGeckos data).
Somewhat expectedly, the impressive performance caught the eye of numerous industry participants, many of whom predicted that a fresh peak might be just around the corner. One of those who chipped in is the popular X user Michael van de Poppe. He claimed BTC has recently consolidated before continuing towards new ATHs.
The analyst believes the asset will remain at the forefront of gains if it stays above the critical resistance level of $70,000.
The investor and BTC maxi Fred Krueger also gave his two cents. He remarked that the primary cryptocurrency is still below the power law trendline of 75ish, envisioning a gigantic surge to $300,000 sometime next year. Dont even think of selling any of your Bitcoin, he advised.
Earlier this week, Mikybull Crypto noted that BTC experienced a so-called golden cross. This technical chart pattern occurs when the assets short moving average (often the 50-day) crosses above its long-term moving average (for example, the 200-day). The emergence of a golden cross contrasts with a death cross and could be a precursor of a further move to the upside.
Enhanced Volatility Incoming?
BTC may experience substantial price swings as soon as next week due to the upcoming US presidential elections (scheduled for November 5).
Voters will have to choose between Republican Donald Trump and Democrat Kamala Harris. The former made a U-turn earlier this year, showing huge support for the cryptocurrency sector. For example, he promised to let BTC thrive and fire the SECs Chairman, Gary Gensler (considered a big enemy of the industry), should he emerge victorious.
Harris, on the other hand, has not been that vocal on the matter. Earlier this month, she finally mentioned the crypto sector, advocating for a comprehensive crypto regulatory framework to protect black men and others who participate in the market. However, she did not provide clear details on the potential rules.
That said, it will be interesting to see who will enter the White House as a winner and how the market will react to the news.
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Text source: CryptoPotato
