November 2 Bitcoin Price: Can the Year-End Rally Propel BTC to 56K Dollars?

Crypto News- After a period of stagnation, the cryptocurrency market has bounced back, with Bitcoin (BTC) consolidating around $33,000, while investors take the opportunity to accumulate before the next bull run.

November 2 Bitcoin Price: Can the Year-End Rally Propel BTC to 56K Dollars?

Bitcoin’s Post-FOMC Surge:

The recent decision by the United States Federal Reserve to maintain interest rates between 5.25% and 5.5% has boosted market confidence. Federal Reserve Chairman Jerome Powell reiterated their commitment to fighting inflation and acknowledged robust economic expansion.

Following the FOMC meeting, Bitcoin surged above $35,000, setting a new yearly high and trading at $35,383, marking a 3.3% gain in the last 24 hours. Altcoins like Ethereum, Cardano, and Solana also experienced positive trends, rising by 2.1%, 7.8%, and 13.2%, respectively.

Is the Bear Market Over?

Bitcoin’s ability to maintain support above $35,000 suggests a period of consolidation before a potential uptrend. Analysts, including Rekt Capital, are optimistic that the bear market is behind us, with the next target in the range of $36,500 to $37,000. Despite the Relative Strength Index (RSI) reaching 72, approaching overbought territory, it may continue to rise as long as the uptrend remains intact.

Bitcoin’s Year-End Potential:

Market optimism is driven by the potential approval of spot ETF proposals by the SEC. This has contributed to Bitcoin’s rally, which commenced in October and carried over into November. Researchers at Matrixport anticipate a ‘Santa Claus Rally’ for Bitcoin, forecasting a year-end surge of more than 65%, potentially pushing Bitcoin to $65,000 by December 31.