Optimistic predictions continue for Bitcoin (BTC), which has reached $69 thousand. Analysts are of the opinion that BTC will continue to rise.
Positive data from Asia and the US presidential election are laying the foundation for a crypto rally. The October rallies, known as “Optuber”, intensified when BTC reached a critical level. BTC is about to test the psychological resistance level at $70,000. The strong outlook in BTC also paved the way for altcoins.
Crypto analysts review the latest outlook on BTC. Analysts predict that the long-awaited bull run will begin soon.
Positive indications for Bitcoin from analysts
Bitcoin (BTC) has entered the radar of whales with its potential upside. According to on-chain data, whales are aggressively hoarding BTC for the first time since the COVID-19 outbreak. During this accumulation phase, it was observed that the supply of BTC on the main exchanges fell to the lowest level in the last six years. On the other hand, spot Bitcoin ETFs traded in the USA continue to see inflows. Commenting on all these positive figures, analysts expect a sensational bull period for BTC.
Crypto analyst Michaël van de Poppe said BTC is in a stabilization phase, described as the boring zone. The analyst claimed that the flow of funds into altcoins has started and the longest bear market in history is coming to an end.
Pope said a period of rapid growth has arrived in what is known as the “Banana Zone” and the increase in demand will be “epic”.
Ali Martinez, another crypto analyst, said the indicator measuring the upward momentum in BTC gave a clue. Martinez recorded the following sentences:
“MVRV Momentum, one of the indicators I use to measure Bitcoin’s uptrend, is up again!“
According to the price analysis shared by Martinez, BTC could reach $80 thousand at this pace.
The crypto titan, who has nearly 100,000 followers on X, “Finally Bitcoin!” He predicted the rise in his tweet with the caption: Crypto titan reports that BTC closes a weekly candle above a key level for the first time since July. “This is an important milestone.” The analyst identified a range between $102,000 and $127,000 as a bull target.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
