New analysis suggests that Bitcoin (BTC), which is currently in the midst of a bull run, will continue its upward trend. BTC/USD has maintained its 2.2% daily gains.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
$62,500 for a BTC price rebound
Data from TradingView and Cointelegraph Markets Pro track Bitcoin’s best day over a week. This is boosting confidence.
The largest cryptocurrency abruptly left a sideways trading channel on Tuesday, Nov. 2 to add nearly $2,000 in less than an hour.
Popular trader Pentoshi thinks that $62,500 is the only way to buy the dip amid rumors of a breakout.
He advised Twitter followers that a pullback to 62.5k for $BTC was a great area to add, and included a chart.
“Looks like tho consolidation could have ended and is ready to trend again.”
Annotated chart of BTC/USD Source: Pentoshi/Twitter
Market participants are confident with Wall Street opening around the corner. Analyst TechDev calls for a march above all-time highs at $67,100.
Similar: Price analysis 11/1: BTC. ETH. BNB. ADA. SOL. XRP. DOT. SHIB. DOGE. LUNA.
The largest altcoin, Ether (ETH), reached a new all-time record of $4,482 Tuesday. This was just days after the previous record.
BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView
Polkadot (DOT) led the top 10 cryptocurrency market caps at $52; up 15% from the previous day. This is an all-time high, itself after its October rally.
#BTC daily appears poised to start its climb up to 84K pic.twitter.com/QtTFjjpBBl
— TechDev (@TechDev_52) November 2, 2021
Bitcoin de facto closed October at its “worst case scenario” monthly close, thereby remaining on track to reach almost $100,000 by the end this month.
New highs for the ETH and DOT
A resurgent altcoin community is also generating bullish sentiment.