Bitcoin (BTC) has jumped to new 18-month highs, but holding its latest support is now key to avoiding a “breakdown.”
$35,000 decides Bitcoin range breakout validity
Data from Cointelegraph Markets Pro and TradingView shows BTC price gains continuing into Nov. 2.
BTC/USD hit $35,968 on Bitstamp after the daily close — its highest levels since May 2022 and beating last month’s local peak.
Now returning to test the mettle of $35,000 as support, Bitcoin is on the radar of market participants, some of whom are not discounting the possibility of a new BTC price dip.
In his latest update, popular analyst Mark Cullen suggested that $35,000 was the significant line in the sand to defend.
“Now the Bitcoin range has broken, its a little simpler. Either hold and push on up or break down and we likely lose the major BTC uptrend in the short term,” he wrote on X, referring to the past week’s comparatively sideways trading landscape.
Cullen added that Bitcoin would need to close a four-hour candle below the $35,000 mark to flip the mood.
“No reason to be bearish until BTC close an H4 back below 35k. A dip back to test is fine & likely a #BTFD opportunity,” he said.
Trader: $34,600 now “ideal downside target”
Also eyeing the low-timeframe range is trader and analyst Credible Crypto.
Like Cullen, he predicted a return lower before upside continued, trapping both late longs and shorts in the process and adding to liquidations.
There is our breakout
— CrediBULL Crypto (@CredibleCrypto) November 2, 2023
Something like this to wipe out some late longers real quick would not surprise me.
Quick dump down into demand, late longers flushed + fresh bears pile in into demand, higher low printed, run it back up into the real pump. $BTC https://t.co/uitgSD3nV0 pic.twitter.com/QZAaYEHb28
On the day, he placed a zone around $34,600 as an “ideal downside target.”
“Shorts shorting into support with bids stacked waiting is usually a recipe for price to squeeze/revert back to the upside,” part of an X commentary read.
$48,000 BTC price post-halving?
As Cointelegraph reported, bearish BTC price predictions remained even as Bitcoin reclaimed and held $34,000 over the past week.
Related: 100%+ BTC price gains? Bitcoin faces ‘massively overvalued’ stocks
$20,000 was a popular choice and strongly contrasts with the popular bullish consensus level of $40,000, which others say is only a matter of time.
For popular trader Jelle, however, the outlook calls for BTC/USD to go even higher.
Analyzing longer timeframes, Jelle spied a breakout that suggests a target closer to $50,000.
This #Bitcoin bullish megaphone pattern has a target of +/- $48,000.
— Jelle (@CryptoJelleNL) November 2, 2023
It broke out last week.
Let's roll. pic.twitter.com/xauSPxbr5d
In part of the day’s analysis, he acknowledged that reaching the target could take “some time.”
“We’re seeing a strong start to Q4 as expected, but I do expect momentum to slowly fade in about 2–3 weeks,” he reasoned.
“The fight to break $48k may take some time — bull market really gets moving after the halving.”
Bitcoin’s next block subsidy halving is currently scheduled to occur in April 2024.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
