BTC Price Analysis: BTC Crosses $30K! Is This The New Bull Run?
The post BTC Price Analysis: BTC Crosses $30K! Is This The New Bull Run? appeared first on Coinpedia Fintech News
As the overall sentiments improve with high anticipations of the Bitcoin ETF approval, Bitcoin continues the recovery rally. Crossing the $30K barrier, the BTC price continues to make the fifth bullish engulfing candle and starts the week with a 2.10% jump.
With the growing demands, the cost to buy 1 Bitcoin (BTC) is rising and may shortly cross the $35K mark. Therefore, with such a rapid increase in demand, the Bitcoin price prediction highlights a bullish future.
With a remarkable reversal from the $25K mark, the BTC price trend shows a growth of 23% in just six weeks. Investors avoid a death cross with this reversal rally and form a bullish rounding bottom in the daily chart.
The neckline of the rounding bottom comes at $31,635 and projects the $35K barrier as the next pit stop. Currently, the BTC price trades at $30,789 and shows a bullish engulfing candle teasing a breakout shortly.
Technical indicators:
RSI: The RSI line spikes higher with the ongoing price jump and enters the overbought boundary, teasing trend continuation.
EMA: The 50-day and 200-day EMA sustain positive growth as the price jump helps avoid the death cross.
Where is the Bitcoin (BTC) Price Heading?
With the growing anticipations of Bitcoin crossing major resistance levels, the overall market starts to improve. As the belief for the exchange-traded fund approval strengthens, it will drive demand among the masses and trigger a new bull run before the 2024 halving event.
Considering the uptrend exceeds the $31,675 mark, the $35,000 is the next milestone for Bitcoin price. Moreover, Bitcoin’s share of the total crypto market capitalization is close to the 50% mark after 2 years.
Conversely, the BTC price may retest the $30K mark in case of a short pullback.
Filed under: Bitcoin - @ October 23, 2023 7:15 am