Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs

Bitcoin (BTC) is in line for continuation of its bull run, fresh analysis says as BTC/USD retains its 2.2% daily gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: CoinPrice.Watch

$62,500 eyed for BTC price bounce

As data from Cointelegraph Markets Pro and CoinPrice.Watch tracks Bitcoin’s best day for a week, confidence in higher levels is building.

Earlier Wednesday, the largest cryptocurrency abruptly exited a sideways trading channel to add almost $2,000 in just over an hour. 

Amid calls of a potential breakout, popular trader Pentoshi believes that $62,500 may be buyers’ only chance to “buy the dip.”

“$BTC any pullback towards 62.5k is a great bid zone to add,” he advised Twitter followers alongside an accompanying chart.

“Looks as tho consolidation could be over and ready to trend again.”

b483a08a 7cbe 41c7 ac08 3a7e8ae27be4
BTC/USD annotated chart. Source: Pentoshi/ Twitter

With the Wall St. open around the corner, confidence is firmly evident among market participants, with analyst TechDev calling for a march beyond all-time highs of $67,100.

Related: Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Ether (ETH), the largest altcoin by market cap, saw a fresh all-time high of $4,482 Wednesday, days after its previous record.

55d46dcb 6220 4a48 b19e 2f8ab1a83ba6
ETH/USD 1-hour candle chart (Bitstamp). Source: CoinPrice.Watch

The top ten cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day at $52 — itself an all-time high after its own October rally.

Bitcoin de facto hit its “worst case scenario” monthly close for October, thus remaining on course to see almost $100,000 by the end of this month.

New all-time highs for ETH and DOT

Bullish sentiment is also coming from a resurgent altcoin sphere.

The post Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs appeared first on BitcoinLinux.

loading…
Sending
User Review
0 (0 votes)