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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Predictions To Keep An Eye On As Price Reclaims $34,000

Scott Matherson
Scott Matherson
1 year ago
5 mins read
Bitcoin

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Bitcoin has once again reclaimed $34,000 even as the euphoria around the possibility of a Spot Bitcoin ETF being approved soon. Following this, there is the need to look at the predictions of certain analysts who have weighed on the future trajectory of the flagship cryptocurrency from its current price action. 

Where Is Bitcoin Headed From $34,000?

In a post shared on his X (formerly Twitter) platform, the CEO and Founder of trading platform MN Trading, Michaël van de Poppe, stated that the crypto was fighting $34,700 as resistance and that if it were to break out from that level, the crypto token could rise to as high as $37,000 to $38,000.  

Still interesting to keep an eye on #Bitcoin.

Fighting $34.7K as resistance, through which a breakout there should lead to $37-38K.

On the other hand, areas between $32.6-33.1K, if we get there, areas of longing.

Corrections are usually quite swift in upwards trends. pic.twitter.com/DTOYcoCQIK

— Michaël van de Poppe (@CryptoMichNL) October 26, 2023

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He also seemed to suggest that $32,600 and $33,100 were key support levels to keep an eye on as he labeled them “areas of longing.” Another crypto analyst, CryptoTony, projects that Bitcoin could still spike up to $36,000 before “rejecting and letting the range begin.” 

$BTC / $USD – Update

Still looking for that spike up to $36,000 before rejecting and letting the range begin. I will be long while we are above $30,000 personally, as we entered at $29,000

Range bound environment is where #Altcoins will flourish and capital will rotate pic.twitter.com/TC09TWWHll

— Crypto Tony (@CryptoTony__) October 27, 2023

Bitcoin Halving has become an important metric in making price predictions as the event draws near. In line with this, crypto analyst CryptoCon mentioned that the 2-Year-Old Cumulative Bands MVRV (Market Value to Realized Value) indicates that the pre-halving woes have occurred. 

BTCUSD is currently trading at $34.142. Chart: TradingView.com

Bearing this in mind, CryptoCon seemed bullish on the crypto token as he stated that “Bitcoin has something special in store for us next.” The analyst had recently predicted that Bitcoin could hit $45,000 as early as November based on their analysis of historical data and past cycles. 

Another crypto analyst, Crypto Rover, also mentioned using technical analysis that a bull flag was breaking out on the charts. This suggests that the rally already experienced might be nothing compared to what is on the way. 

33.7 Trillion reasons to buy #Bitcoin pic.twitter.com/TQMNlK60Sx

— Crypto Rover (@rovercrc) October 28, 2023

Bitcoin In A League Of Its Own

Several crypto analysts have, over time, noted the correlation between BTC and the stock market. Bitcoin is said to experience a decline whenever stocks are down and an upward trend whenever these stocks are on the rise. However, recent data suggests that this trend might be over (for now, at least).

In a post on the X platform, Bitcoin Magazine noted that Bitcoin has so far decoupled from the Nasdaq, S&P 500, and Dow Jones this month. Bitcoin is up by over 28% in October, while the Nasdaq and S&P500 have had a relatively quiet month with just over 3% gains this month. 

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Bitcoin is also hitting new highs (this year) in its dominance over the broader crypto market. Data from TradingView shows that the coin’s dominance currently stands at close to 54%. The flagship cryptocurrency has enjoyed an upward trend since the year began and hasn’t seen any significant competition from Ethereum despite talks about ‘The Flippening.’

Featured image from iStock

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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