Bitcoin (Bitcoin) The trading platform Decentrader stated that as the BTC price trend turns bullish within a critical time frame, it is “ready to rebound again”.
In its latest Market update On October 29, the company predicted that Bitcoin will usher in a new upside, and Bitcoin has fallen below all-time highs this week.
$150,000 potential at the end of the year
although Lateral movement Analysts believe that under the circumstance that BTC/USD maintains market speculation, there is still the possibility of rising in the short term.
Although the areas near this year’s two highs-$63,900 and $67,100-are the main focus of the discussion, the real friction may actually only exist in the price discovery area close to $100,000.
“On the basis of technology, market cycles, and on-chain, we still believe that the next major difficulty area for BTC will not appear before we get close to US$85,000 to US$90,000,” updated forecasts.
This is partly due to the moving average crossover event involving 128-day and 200-day trends, which has historically triggered a “sustained” upward movement.
Nearly now, Decentrader believes that Bitcoin’s three-day chart is a particularly accurate price tool, which is now bullish and contradicts the current bearish daily and neutral weekly settings.
This is a factor into the possible channels for price action. By early 2022, Bitcoin may reach $150,000.
The current status of the overall Bitcoin supply should help-foreign exchange reserves Continue to fall, Which shows that traders are determined to hold rather than sell.
“Evidence continues to show that existing market participants are still bullish. One data point supporting this is that as users choose to put their bitcoin in cold storage, bitcoin continues to drain from exchanges. The net impact is short-term supply. Decrease,” the update on Bitcoin concluded.
“Before this trend changes, it will continue to put upward pressure on prices, because in a limited supply, demand for Bitcoin must accept higher prices.”
ARK investigates bull market progress
Asset management company ARK Invest is also looking at the state of Bitcoin more broadly at the end of “Uptober.”
Most people said that as Cointelegraph Report, Although some people have entered the area that marked the top of the cycle in history, the bull market is far from over.
“In our opinion, the value of Bitcoin is a function of its economic utility, and the value of Bitcoin is a function of its supply and demand. In the short to medium term, we believe that investors should be able to assess the behavior of buyers and sellers of Bitcoin. And use relative value indicators to actively manage Bitcoin positions,” the accompanying comment reads.