On Oct. 29, the cryptocurrency market is feeling buoyant after bulls lifted Bitcoin (BTC), back to the $63,000 support zone, and Ether (ETH), has reached a new all time high of $4,460.
Chart for 4 hours ETH/USDT Source: TradingView
These are the opinions of anlaysts about the market, now that Bitcoin has found support above $60,000 and Ether is looking to enter price discovery.
Bulls believe that BTC could reach $90,000.
Independent market analyst Crypto_Ed_NL was struck by the bullish moves in Ether and BTC, and took a moment to reflect on his tweet that “seems” he wasn’t bullish enough at $40,000 when a $73,000 target was set.
BTC/USD 1-day chart. Source: Twitter
The analyst said that the target had moved up to $90,000. After a correction, the analyst should expect to see $100,000.
Crypto_Ed_NL tweeted a follow up tweet to clarify how this situation might affect Ether’s price. He also set a target price above $6,000.
Chart for ETH/USDT 1 day. Source: Twitter
“No need for the usual disclaimers. “I’m not right when I’m wrong, but I will be surprised if I’m incorrect with this.”
$85,000 is the next big hurdle for Bitcoin
Decentrader, a crypto market intelligence company, provided a more detailed look at Bitcoin’s price action. It noted that the 14% drop in Bitcoin’s price from $67,000 last week was due to token-margined traders aggressively waiting for the final run-up and short breakout levels.
Decentrader reports that both shorts and longs felt the impact of the recent price fall after $120 million in short positions were liquidated Oct. 20. In liquidations, the “late-longs”, who were also affected by the recent price drop, suffered $100 million.
BTC/USD 1-day chart. Source: Decentrader
BTC’s price has “pulled back” to its May rally point, which was “acting support” after the failed breakout.
“As a signal of bullish trend continuation and a longer time frame, we will soon see the 128DMA crossing over the 200DMA. The price has rallied after these crossovers in previous bull markets. We believe that the next major problem for Bitcoin will be when we reach $85,000 to $90,000.
Related: GBTC closes to $40B AUM, so the biggest Bitcoin fund could be an ETF.
Ether is ready to continue the journey up to $5,000
Michael van de Poppe, market analyst and contributor to Cointelegraph, provided a scenario that could explain how Ether’s price action might unfold in the near future.
1-day chart of ETH/USDT Source: Twitter
“Good S/R flip, and likely ready for continuation towards $5,000.”
The total cryptocurrency market is now worth $2.666 trillion. Bitcoin’s dominance rate at 44.2%.
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