BTC Price Hits 2-Month High Amid Bets Bitcoin Will ‘Soon’ Break $32K
Bitcoin (BTC) touched $30,000 at the October 20 Wall Street open as analysts turned their attention to the weekly close.
BTC price sets up a weekly close show.
Data from Cointelegraph Markets Pro and TradingView has ripped a new two-month BTC price of $30,233 on Bitstamp.
The pair showed continued strength in the Asian trading session, a slight drop at the time of writing, taking the spot price below $29,500.
With volatility still evident, market participants argue that a weekly candle close is needed to confirm the true staying power of the rally.
The 100-week moving average (MA) at $28,627 was of particular importance to Keith Allan, founder of Monitor Wealth Material Indicators.
“This move is one to watch, but I'm watching it now to see if this weekly candle closes above the 100-week MA and if next week's candle can stay above it without a wick,” he wrote in part. X post on the day.
“Some may consider it proof of a bull run, but this market is notorious for squeezes and lies so I need more proof. For me, BTC needs to resist early at $30.5k, $31.5k and finally $33k to call a bull breakout confirmed and confirmed.
Eyeing looking for support zones, popular trader Pentoshi suggested $28,900 as a bullish line in the sand.
$BTC update
They want to see shallow dips and now want the price to stay above around 28.9-29.2k pic.twitter.com/Mq01tU4B7T
— Pentoshi euroPeng (@Pentosh1) October 20, 2023
Tracking market conditions for the LTF, on the other hand, suggests that another trader Skew could lead to an entry opportunity before a late long-term clearing begins.
“I think the longs are starting to go to $30k at this point,” he said alongside a chart of X subscribers' exchange order book data as $30,000 reappeared.
“So if this LTF trend breaks a good sweep, it could be a good entry before it goes higher. It wouldn't be surprising to see something like this play out.”
Prediction “Mass Adoption,” Bitcoin ETF awaits approval
In an optimistic long-term view, trading group Stockmoney Lizards predicted that resistance above $30,000 would soon be breached.
Related: Holding Strong: Long-Term Bitcoin Investors Own Over 76% of BTC For First Time
By updating a chart fractal comparing BTC/USD to the 2020 divergence in 2023, analysts argue that a significant reversal is now in the offing. The approval of the United States' first bitcoin exchange-traded fund (ETF) creates momentum.
“31/32k will be discontinued soon,” reads the accompanying comment section.
“PS: Many of you will say once again: ‘But 2020 was after the halving, we were before' – Answer: Nothing. Mass adoption/ETF adoption will be the driver this year.
Stock money lizards have halved the upcoming block subsidy scheduled for April 2024.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
