Analyses and Forecasts Say that Bitcoin Will Rise

Analyses and Forecasts Say that Bitcoin Will Rise

Let us check out the Bitcoin (BTC). In the first week of October, Bitcoin slumped to $10,500. It has recovered above $11,000. Traders forecast what will happen next for BTC.

During the past week, the price of BTC  has seen a recovery. Since Oct. 2, it surged by nearly 6.5%. Traders pleasantly surprised with the resilience of the dominant cryptocurrency. It is because many analysts anticipated a larger pullback. The sentiment turns optimistic after Bitcoin’s rebound above the critical $10,500 support level to just over $11,000. Thus, the sentiment turns optimistic.

Traders believe that $10,500, in the near term, remains the most critical level for Bitcoin for various reasons.

It represents a historically significant support level in both the previous price cycles and the ongoing cycle.

The $10,500 level served as a massive resistance area in the past. Thus, it is considered as a healthy support level. Bitcoin saw brutal rejection and, at some point, picked at $10,500, throughout 2019.

Bitcoin

Also, bubbles and whale clusters show the defending $10,500 is vital for Bitcoin. It is to retain its momentum. Researchers at Whalemap tracked whale clusters. Those whale clusters form when whales buy BTC  at a certain level. Whale clusters have emerged recently in the $10,407 to $10,570 range. Thus, it means whales will most probably accumulate. Whales are trading with a longer time frame. Therefore, there is a high probability that the $10,570 will remain a healthy support level.

The main hurdle before Bitcoin is a prolonged rally. Thus, traders forecast $13,000 in the medium term. ‘Salsa Tekila’ is the pseudonymous trader. According to him/her, previous macro price trends indicate thirteen-thousand dollars is the roadblock to an all-time high. If Bitcoin stabilizes and consolidates above key support levels, a rally to a new record-high will occur in the longer term.

That is the situation of Bitcoin. Let us wait and see what will happen in the future.

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