Current 2021 all-time highs are not on the radar for everyone as resistance, fresh market analysis shows.
Bitcoin (BTC) is “ready to rally” again as BTC price action flips bullish on crucial timeframes, trading platform Decentrader says.
In its latest market update on Oct. 29, the firm predicted incoming fresh upside for Bitcoin, which has languished below old all-time highs this week.
Despite sideways moves in BTC/USD keeping markets guessing, the odds are still on for gains to enter in the short term, analysts believe.
While the area around this year’s two highs — $63,900 and $67,100 — are the main focus of discussion, real friction might in fact only lie far into price discovery territory nearer $100,000.
“On a technical, market cycle, and on-chain basis, we continue to believe that the next major area of difficulty for $BTC will not hit until we approach $85,000 – $90,000,” the update forecasts.
This is due in part to a moving average crossover event involving the 128-day and 200-day trends, which has historically sparked “sustained” upside.
Closer to the present, Bitcoin’s three-day chart, which Decentrader holds to be an especially accurate price tool, is now bullish, contradicting the current bearish daily and neutral weekly setup.