BTC Price “Ready To Rally” With Bitcoin Bulls Ready To Charge $ 85,000 – Analysis


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Bitcoin (BTC) is “ready to bounce back” as BTC price action turns bullish in crucial periods, says trading platform Decentrader.

In its latest market update, dated October 29th, the company forecast a new uptrend for Bitcoin, which stayed below the old all-time highs this week.

$ 150,000 year-end potential

Despite sideways moves in BTC / USD that keep the markets guessing, the odds for near-term gains are still high, according to analysts.

Indeed, while the area around this year’s two highs – $ 63,900 and $ 67,100 – is the focus of discussion, real tension could only be well in the range of the $ 100,000 price range.

“On a technical, market cycle and on-chain basis, we continue to believe that the next major difficulty area for $ BTC will not be reached until we get closer to $ 85,000- $ 90,000,” predicts the update.

This is partly due to a moving average crossover event that spanned the 128-day and 200-day trends, which has historically caused a “sustained” uptrend.

Closer to the present, Bitcoin’s three-day chart, which Decentrader believes is a particularly accurate pricing instrument, is now bullish and contradicts the current bearish daily and neutral weekly setup.

This is an ingredient that leads to a likely channel for price action that could lead Bitcoin to hit $ 150,000 by early 2022.

BTC / USD chart with the channel’s top target. Source: Decentrader

The status quo of the overall Bitcoin supply should help with this – currency reserves continue to decline, suggesting traders’ determination to hold instead of sell.

“There are still indications that existing market participants remain optimistic. One data point to support this is the continuous outflow of bitcoin from the exchanges when users choose to put their bitcoins in a cold store. The net effect of this is that the short-term supply will be reduced, ”concluded the update on Bitcoin.

“Until this trend changes, the price will continue to be pushed up as the demand for Bitcoin has to accept higher prices below the limited supply available.”

Bitcoin exchange reserves diagram. Source: Bybt

ARK examines bull market advances

Asset manager ARK Invest is also taking a broader look at the state of Bitcoin at the end of “Uptober”.

Related: Don’t get pessimistic about Bitcoin just yet, says a veteran trader who cited the 2018 crash

In the latest edition of its dedicated guides released this week, the infamous bullish company counted metrics to gauge how much upside potential BTC / USD still has overall.

The majority, as Cointelegraph reported, suggest that the bull run is far from over, although some are venturing into an area that has historically signaled a cycle high.

“In our view, the value of Bitcoin depends on its economic utility, while the value of Bitcoin depends on its supply and demand. In the short to medium term, we believe that investors should be able to evaluate Bitcoin buyer and seller behavior and use relative value metrics to actively manage Bitcoin positions, ”an accompanying comment said.