Close Menu
    Bitcoin

    Bitcoin bulls ‘in control’ as long as price holds above $66.5K: Analysts

    By No Comments2 Mins Read
    HI, Newscrypto, bull market, Copy Trading, Automated Investing, investor, trader, man, paper, folder, documents, automated trading platform, cryptocurrency market, bitcoin

    30s Summary

    Bitcoin’s value is predicted to surge if the coin’s price can remain above $66,500, according to crypto experts. These experts suggest the next major milestone could be $73,679, Bitcoin’s all-time high last March. However, recent fluctuations, possibly linked to tensions in the Middle East and an investigation involving company Tether, have led to a cautious outlook. In addition, Bitcoin’s relative strength index signifies a potentially slower short-term rate or minor decrease.

    Full Article

    So, here’s the scoop on Bitcoin. The supporters are winning the game over the naysayers as long as the Bitcoin price stays beyond $66,500. This exciting take is backed up by experts in the crypto field.

    Evidently, proponents of Bitcoin might have the upper hand. This, of course, is if the coin maintains its value above that all-important $66,500 mark, say the specialists over at Kraken, a fancy crypto exchange.

    Now, here’s where things get really interesting. If Bitcoin can keep its head above this price and keeps its value steadily rising, experts reckon the next milestone will be the whopping $73,679. That, my friends, was Bitcoin’s all-time high reached last March.

    Breaking past this level could potentially open the gate for the coin to explore uncharted territory and keep increasing in value. At the time of writing, Bitcoin’s sitting at $66,578, a teeny drop of 1.89% since Oct 25, according to the info from TradingView.

    Similar to a rollercoaster ride, Bitcoin’s value briefly slid from $66,500 to $65,700 on Oct 25. This dip is believed to be due to the shaky crypto landscape and tensions boiling over in the Middle East.

    Looking over the past week, Bitcoin’s experienced a few sudden falls. For instance, on Oct 25, Bitcoin’s value made a small dive due to the U.S. government investigating a company called Tether. Also, on Oct 21, the coin displayed a bearish engulfing pattern, which led to some caution in the short term.

    Previously reported by Cointelegraph, every bearish engulfing pattern within a high range over the last seven months led to significant drops in value. So, it’s a case of watch this space!

    During Oct 21, Bitcoin’s price sank by 3.59%, dropping from $69,367 to $66,873. This, combined with Bitcoin showing signs of being overbought according to the relative strength index (RSI), indicates a potential short-term slowdown or minor decrease for the coin.

    Source: Cointelegraph

    Related Posts