Bitcoin has been trading in a tight range for the past few days around the $58-63k price zone. It seems that extreme optimism is starting to cool after BTC hit an all-time high around $66,900 two weeks ago. For now, traders are gearing up for a strong November and expect positive crypto returns later this year.
Bitcoin has a trend of up 11%-18% in Q4, which is one reason why some analysts maintain their bullish outlook on crypto prices for the rest of the year.
- Despite the dramatic price volatility, bitcoin's long-term uptrend remains intact. And in general, analysts consider cryptocurrencies to be an early-stage investment. Cryptocurrency trading firm QCP Capital wrote in a Telegram chat: “Cryptocurrency is not yet owned and there is still a huge knowledge gap, but the industry is rapidly gathering attracted the attention of professional investors.
- In the last 24 hours, Bitcoin price fluctuated in a narrow range, the highest trading at 62,468 USD, and the lowest trading recorded at 59,562 USD. The future of Bitcoin in the short term is a question that many investors are interested in. Will the leading cryptocurrency recover to $67,000 next week and what could affect Bitcoin reaching new price highs?
👉 Team's view: As in previous analysis, I still maintain the view that Bitcoin continues to accumulate so that this currency may explode after a few weeks of being "compressed". The price of $70,000 will be the next level to conquer and each drop to $55-60k will be the ideal price range for our ace to buy to surf short (note that this high price area is better to surf than hold).
(Currently BTC is at $61.6k under analysis)
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