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What’s the Next Target of Ongoing Recovery? – Crypto News

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2 years ago

October 20, 2023

Dripp

Bitcoin Price Prediction: The BTC price breakout from $28600 set the current recovery to hit the $32000 mark. Time to buy

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Bitcoin Price Prediction: The leading cryptocurrency Bitcoin appears to be embracing the tradition of the ‘Uptober rally’. After an indecisive start to the month, buyers took control in the third week, propelling the price from a low of $26,500. The buzz around a potential approval of Bitcoin’s spot ETF fueled this momentum, culminating in a breakout from a 90-day correction trend.

Also Read: Over 33,000 Bitcoin Exit Exchange Wallets in Just Five Days, Bullish Move Incoming?

Is Current Recovery Sustainable?

The Bitcoin Fear and Greed Index at 53% reflects a neutral sentiment in the market
The lone-wick rejection around $30000 indicates the overhead supply is aggressive
The intraday trading volume in Bitcoin is $23 Billion, indicating a 93% gain.

Source-Tradingview

From the October 13th low of $26694, the Bitcoin price has surged 10.98% to currently trading at $29,570. The ascent recorded a crucial breakout on October 16th from a downsloping resistance trendline that had dictated the correction trend over the last three months.

This bullish breakout is indicative of a significant shift in market sentiment. Despite the swirling volatility earlier this week, largely due to speculation about the future of Bitcoin’s spot ETF, the asset has managed to hold above the $28,000 psychological level.

This suggests that buyers possess enough momentum to extend the current recovery. With an intraday gain of 2.89% backed by a noticeable spike in trading volume, the ongoing recovery appears sustainable.

If this buying pressure continues, the BTC price could potentially climb another 8% to retest its July 13th peak at $32,000.

BTC vs ETH Performance

Source: Coingape| Bitcoin Vs Ethereum Price

In the past quarter, the leading cryptocurrencies Bitcoin and Ethereum have displayed diverging price trends. The Ethereum price trajectory has maintained its existing downtrend, marked by successive lower lows. While the Bitcoin price has been charting a bullish course, consistently hitting new higher highs. Amid this rally, the coin price surpassed the previous swing high of $28,000, highlighting the likelihood of continued upward momentum.

Average Directional Index: The ADX slope surpassed the 32% mark reflecting that the buying may exhausted and would need some pullback to recuperate the bullish momentum
Exponential Moving Average: The potential bullish crossover between the 50-and-100-day EMA slope would increase the recovery sentiment in the market.

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