Bitcoin Reaches 18-Month Highs, Testing $35,000 Support for Range Breakout
Crypto News – Bitcoin has surged to fresh 18-month highs, but maintaining its recent support is crucial to avoiding a potential market setback.
$35,000 Holds the Key for Bitcoin’s Range Breakout
Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin’s price continues to climb as of November 2.
BTC/USD reached $35,968 on Bitstamp after the daily closing, marking its highest levels since May 2022, surpassing last month’s local peak.
Now, Bitcoin is revisiting the critical support level of $35,000, which has garnered the attention of market participants, with some expressing concerns about the possibility of a price dip.
In his latest update, prominent analyst Mark Cullen emphasized the significance of the $35,000 level.
“Now that the Bitcoin trading range has been breached, the scenario is somewhat simplified. It’s a matter of either maintaining the momentum and moving higher or experiencing a downturn, potentially jeopardizing the ongoing BTC uptrend in the short term,” he stated, referring to the relatively sideways trading observed over the past week.
Cullen added that Bitcoin would need to close a four-hour candle below the $35,000 mark to shift market sentiment negatively.
“There is no reason to adopt a bearish stance until Bitcoin closes a four-hour session below $35,000. A pullback to retest this level is acceptable and may present a ‘Buy The Dip’ (#BTFD) opportunity,” he advised.
Trader: $34,600 Now an Attractive Downside Target
Another analyst closely monitoring the short-term price range is Credible Crypto. Similar to Cullen, he anticipates a brief retracement before an upward move, potentially catching both late buyers and short sellers off guard and triggering liquidations.
On the current day, he identified a zone around $34,600 as an attractive downside target.
“Short sellers attempting to capitalize on the support level with pending buy orders are often a setup for price to quickly reverse back to the upside,” a section of his analysis noted.
$48,000 Bitcoin Price Post-Halving?
As reported by Cointelegraph, bearish Bitcoin price predictions persist even as the cryptocurrency reclaimed and held the $34,000 level in the past week.
Some analysts propose a price target of $20,000, which sharply contrasts with the optimistic consensus that anticipates Bitcoin reaching $40,000 soon.
However, for well-known trader Jelle, the outlook is even more bullish. After analyzing longer timeframes, Jelle identified a potential breakout that suggests a target closer to $50,000.
In his daily analysis, he acknowledged that reaching this target might require some time.
“We are witnessing a robust start to the fourth quarter as anticipated, but I expect momentum to gradually diminish over the next 2-3 weeks,” he reasoned.
“The battle to surpass the $48,000 level may take some time, as the bull market typically gains momentum after the halving event.”
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