Analysts expect Bitcoin price action to turn bullish after multiple altcoins hit new all-time highs. Bitcoin supply on exchanges has continued dropping despite large wallet investors shedding their holdings. With Ethereum, Solana and Shiba Inu hitting new all-time highs, analysts expect Bitcoin price to make a comeback above $64,000. Michaël van de Poppe, a cryptocurrency analyst and YouTuber, believes that Bitcoin price action will turn bullish. Bitcoin’s recent comeback above $61,000 was key to the bullish narrative for BTC price. A year-end target of $100,000 for Bitcoin is considered a bearish or “worst-case scenario” by on-chain analysts, based on the recent price trend and the upcoming Taproot upgrade. Bitcoin price finds strong support against key Ichimoku levels, but buyers have seemingly dried up. Ethreum price may be positioning for a retest of the Tenkan-Sen or Kijun-Sen. Ripple is likely to outperform Bitcoin and Ethereum if it can find buyers.

BULLISH & BEARISH CONDITIONS/ POSSIBILITIES :

Bitcoin (BTC) continues to trade in a tight range, although buyers appear to be holding support above $60,000. Short-term indicators are neutral, although pullbacks could be limited given a series of price breakouts over the past month.

If buyers fail to hold $60,000, lower support around the 50-day moving average, currently near $55,000, could stabilize a pullback.

Bitcoin was trading around $61,500 at press time and is roughly flat over the past 24 hours.

For now, upside momentum is slowing, which suggests a period of consolidation could persist in the short term. Eventually, indicators suggest momentum could improve to support a breakout in BTC above $65,000 based on positive historical returns in the fourth quarter.

Bitcoin managing to stay above $58,000

Nov 06 2021