After the bulls succeeded in raising the price of Bitcoin, the cryptocurrency market was sentimentally high on October 29 (Bitcoin) Back to the support area of 63,000 USD and Ether (Ethereum) A record high of US$4,460.
This is what analysts think of the market, because Bitcoin is finding support above $60,000, while Ethereum seems to have entered the price discovery phase.
The bulls believe that BTC may reach $90,000
The bullish trend of BTC and Ether caused the reflection of independent market analyst Crypto_Ed_NL. He Tweet When the target of 73,000 USD was given, “it seems that I am not optimistic about the 40,000 USD”.
Taking into account the recent trend, the analyst stated that “the target is raised to 90,000 US dollars. After correction, we should see 100,000 US dollars.”
Regarding how this situation will affect the price of Ether, Crypto_Ed_NL Post A follow-up tweet outlines how the price movement might work and gives a price target above $6,000.
“No need to enter the usual disclaimer. I was wrong when I was wrong, but if I was wrong, I would be very surprised.”
$85,000 is the next major hurdle for BTC
A deeper understanding of the price trend of Bitcoin is if Decentrader, a crypto market intelligence company, pointed out that the 14% drop in BTC price from $67,000 last week was “due to the active desire of token margin leveraged traders to eventually rise to all-time highs and short-term breakthrough levels.”
According to Decentrader, after liquidating a total of 120 million US dollars worth of short positions on October 20, both the bulls and the bears felt the pain of the recent price decline. The “late-stage long” also suffered a US$100 million liquidation the next day.
Now, the price of BTC has “fallen back to the failed rebound point since May of this year”, and now “played a supporting role after the failure of the breakthrough”.
“As a higher time frame signal for the continuation of the bullish trend, we are about to see 128DMA cross over 200DMA. In previous bull markets, prices continued to rise after this crossover. Based on technology, market cycles, and on-chain , We still believe that the next major difficulty area for BTC will not emerge until we get close to US$85,000 to US$90,000.”
Ether is ready to extend to $5,000
Market analyst and Cointelegraph contributor Michaël van de Poppe provided a possible scenario of how the price of Ether will move in the near future.
“A good S/R rollover may be ready to move on to $5,000.”
The overall market value of cryptocurrencies is now $2.666 trillion, and Bitcoin’s dominance rate is 44.2%.
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