On October 22, Bitcoin (BTC) prices rose just 55% due to the non-stop rise that began on October 1, causing profit-taking movements, which some traders call the “consolidation phase.” It became a thing.
“BTC is ready for higher prices”
The current price movement is a welcome development for the crypto intelligence company Decent Radar. With the launch of ProShares’ Bitcoin Strategic ETF (BITO) and Valkyrie’s Bitcoin Strategic Fund (BTF), “Bitcoin is likely to rise further in the fourth quarter of 2021.”
Decentrader pointed out the history of record highs and emphasized that “there are no cases where Bitcoin broke past highs and failed to stay high.”
According to the company’s analysis, the current Bitcoin fractal pattern “suggests that Bitcoin will have its next goal of $ 72,000, after which $ 88,000 will come into view.”
The surge in derivative funds seen over the past few days is now “reset to a more balanced level,” pointing out that open interest remains in line with the uptrend, reducing the risk of greater adjustments. doing.
“Weekend rises could face resistance at $ 65,000,” according to Decentrader.
“Prices are at a key point. Adjustments towards $ 50,000, coupled with an increase in open interest to indicate that Bitcoin is ready to move to the next stage, are an opportunity for low-priced capital inflows and price increases. It will be. “
Is BTC Traded Like Gold?
Financial analysts are comparing the advent of Bitcoin ETFs with the advent of the first gold ETFs.
According to Bloomberg Intelligence, “A strong influx of new ProShares into Bitcoin strategic ETFs will narrow spreads, weigh on volatility and curb supply and demand for arbitrage traders. “.
“We see BTC on the road to trading like gold,” Bloomberg Intelligence said.
Short-term withdrawal from $ 56,000 to $ 59,000
What kind of price movement will BTC be in the short term? Cointelegraph contributor Michael van de Poppe shows the following chart, which he believes will support $ 56,000- $ 59,000.
The $ 64,000 zone was “a decisive level” due to rising prices, but couldn’t, so “adjustments were taken,” he said.
“Overall, $ 56,000 to $ 59,000 will be a good place to buy,” he said.
Translation / Editing Cointelegraph Japan
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