This is Bitcoin’s next price target as correction is ruled out
The post This is Bitcoin’s next price target as correction is ruled out appeared on BitcoinEthereumNews.com. Bitcoin (BTC) has regained market attention again, aiming to surpass the $30,000 level amid the ongoing short-term rally. In this resurgence, some analysts predict that Bitcoin is poised for further gains, potentially reaching a new all-time high. In particular, prominent crypto trading analyst TradingShot, in a post on TradingView dated October 20, highlighted that Bitcoin’s current strong technical indicators and historical patterns suggest a continuous upward trajectory, with a correction only expected once specific criteria are met. Notably, the analyst indicated that Bitcoin is eyeing the $35,000 mark, with the asset defying recent skepticism following the fake news regarding a spot Bitcoin Exchange-Traded Fund (ETF). Bitcoin price analysis chart. Source: TradingView According to TradingShot, Bitcoin is approaching the high it reached the previous Monday, with its 1-day Relative Strength Index ( RSI) soaring into overbought territory, above the 70.00 mark. However, this overbought condition may not cause concern for those anticipating a technical correction. He pointed out that Bitcoin exhibits a compelling one-year pattern resembling a ‘Channel Up’. This pattern suggests that the current uptick is the next leg of a technical bullish trajectory that could propel Bitcoin to a new high. Bitcoin’s dual moving average support Supporting this bullish thesis are the 1-day moving average (MA) indicators. The 1-day MA50 has supported this uptrend alongside the 1-day MA100, reinforcing the belief in Bitcoin’s upward momentum. This dual MA support mirrors the pattern seen in the previous bullish leg. He stated that the next crucial buy opportunity will materialize when Bitcoin corrects to the 1-day MA100. “As a result, we don’t expect a correction now, despite the overbought RSI but rather will wait for at least 3 Lower Highs in order to take profit and wait for a 1D MA100 correction. That will be the buy with which we will…
The post This is Bitcoin’s next price target as correction is ruled out appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has regained market attention again, aiming to surpass the $30,000 level amid the ongoing short-term rally. In this resurgence, some analysts predict that Bitcoin is poised for further gains, potentially reaching a new all-time high. In particular, prominent crypto trading analyst TradingShot, in a post on TradingView dated October 20, highlighted that Bitcoin’s current strong technical indicators and historical patterns suggest a continuous upward trajectory, with a correction only expected once specific criteria are met. Notably, the analyst indicated that Bitcoin is eyeing the $35,000 mark, with the asset defying recent skepticism following the fake news regarding a spot Bitcoin Exchange-Traded Fund (ETF). Bitcoin price analysis chart. Source: TradingView According to TradingShot, Bitcoin is approaching the high it reached the previous Monday, with its 1-day Relative Strength Index ( RSI) soaring into overbought territory, above the 70.00 mark. However, this overbought condition may not cause concern for those anticipating a technical correction. He pointed out that Bitcoin exhibits a compelling one-year pattern resembling a ‘Channel Up’. This pattern suggests that the current uptick is the next leg of a technical bullish trajectory that could propel Bitcoin to a new high. Bitcoin’s dual moving average support Supporting this bullish thesis are the 1-day moving average (MA) indicators. The 1-day MA50 has supported this uptrend alongside the 1-day MA100, reinforcing the belief in Bitcoin’s upward momentum. This dual MA support mirrors the pattern seen in the previous bullish leg. He stated that the next crucial buy opportunity will materialize when Bitcoin corrects to the 1-day MA100. “As a result, we don’t expect a correction now, despite the overbought RSI but rather will wait for at least 3 Lower Highs in order to take profit and wait for a 1D MA100 correction. That will be the buy with which we will…
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