Bitcoin has one barrier to clear before BTC price rallies to new all-time high
- Experts have argued that the odds of catching the perfect Bitcoin bottom are now lower than winning a lottery ticket.
- Analysts believe that $64,000 is the barrier BTC price needs to overcome would propel BTC to a new all-time high.
- Bitcoin futures data from OKEx reveals that retail traders expect further BTC upside in the ongoing bull run.
Analysts expect Bitcoin price action to turn bullish after multiple altcoins hit new all-time highs. Bitcoin supply on exchanges has continued dropping despite large wallet investors shedding their holdings.
Analysts predict that BTC price will continue rally to new all-time high
With Ethereum, Solana and Shiba Inu hitting new all-time highs, analysts expect Bitcoin price to make a comeback above $64,000. Michaël van de Poppe, a cryptocurrency analyst and YouTuber, believes that Bitcoin price action will turn bullish.
In a recent YouTube video, the analyst argues that $64,000 would propel Bitcoin price to new all-time highs against USD Tether. The analyst considers this a critical level for Bitcoin to make a comeback.
Michaël van de Poppe states,
We’re still chopping between $58,000 and $64,000, and that $64,000 area here is the crucial area that we should be breaking through if we want to get to a new all-time high.
Bitcoin’s recent comeback above $61,000 was key to the bullish narrative for BTC price. A year-end target of $100,000 for Bitcoin is considered a bearish or “worst-case scenario” by on-chain analysts, based on the recent price trend and the upcoming Taproot upgrade.
Plan B, an on-chain Bitcoin analyst, recently tweeted:
Like clockwork pic.twitter.com/SBjFgdmAyy
— PlanB (@100trillionUSD) November 2, 2021
The analyst argues that his proposed model for BTC price prediction works like clockwork; therefore, BTC $100,000 is likely before the end of the current bull run.
While proponents are awaiting a drop in Bitcoin price, analyst @crypto_birb believes that the odds of catching the perfect bottom in BTC are lower than winning a lottery.
About 4 months ago I was publicly calling $BTC reversals and everybody thought it was bear market. Those are all gone or liquidated for life now https://t.co/7YveZOYyHv
— CRYPTO₿IRB (@crypto_birb) November 5, 2021
FXStreet analysts have evaluated the BTC price trend and predicted that Bitcoin is likely to consolidate further; the asset has found strong support.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
