Blockchain

Bitcoin Price Prediction: BTC Pumps 15% This Week, But Don’t Overlook This New Altcoin’s 10X Potential

Join Our Telegram channel to stay up to date on breaking news coverage

Bitcoin price has jumped 15% this past week to hold well above the $30,000 psychological level.

At the time of writing, it is exchanging hands for $34,081, down a fraction in 24 hours as the king of crypto continues to hold firm after a sharp rise.

Meanwhile, analysts have observed a changing Bitcoin structure and momentum, tilting towards the upside.

With the change in structure, investors prefer to exercise caution, using the opportunity to study the trend, with hopes of joining the likes of Michael Saylor who is reaping big after his $5 billion Bitcoin bet panned out big time.

It is worth it to note that while there remains confusion about the hind wings of Bitcoin price, three narratives stand out.

First, Jerome Powell’s speech last week Friday at the Economic Club of New York, where the Federal Reserve Chair spoke of the rising yields on long-term US treasuries. He also hinted of the Fed possibly seeing its way to pausing its interest rate hikes during the next meeting expected on November 1. Secondly, the Bitcoin halving, 186 days out as the countdown to April 2024 continues, and finally, speculation of a spot BTC exchange-traded fund (ETF) launching soon.

Now, investors have their eyes peeled on the $40,000 target with a bullish technical formation already in play.

Bitcoin Price Eyes $40,000 As BTC Chart Forms A Pennant

Bitcoin price action over the last ten days has led to the formation of the pennant on the daily chart. The candlesticks between October 19 and October 24 form the flagpole, while the pennant itself comes following the pullback and consolidation between October 25 and October 28. With this, the expected breakout point is anticipated to be above the $31,403 level.

The Relative Strength Index (RSI) above 50 shows strong bullish momentum, coupled with the positive Awesome Oscillator (AO) and its associated histogram bars flashing green.

The Tekan (at $31,929) and Kinjun (at $30,909) indicators also support the bullish outlook. They are reputed for enhancing the visual perception of an asset’s price action.  With Tekan rising at $31,929, it is a show of growing strength after a period of being flat (a show of weakness).

With this outlook, a breakout, and therefore activation of the pennant, could catapult Bitcoin price, first clearing the range high at $35,280 before foraying above the $36,000 psychological level. In a highly bullish case, it could send it to the $40,000 psychological level. Such a move would constitute a 20% climb above current levels.

TradingView: BTC/USDT 1-day chart

On the other hand, profit booking could send Bitcoin price south, with bearish targets standing a $31,690, or in the dire case, a drop to the $29,713 level. With this outlook, it is impossible to overlook the RSI moving south, which points to fading momentum. This coupled with the fact that at 81, BTC is massively overbought, increases the chances for a slump.

As such, investors should not be surprised if Bitcoin price pulls back before rising again.

With Bitcoin price giving mixed signals in the immediate short term, enlightened investors are looking to BTCMTX for better prospects. It is cruising through the presale with speed, evidence of strong fundamentals that have attracted community support.

Bitcoin Alternative

BTCMTX is the sure fire alternative to Bitcoin, while at the same time positioning you to become a BTC owner. It is the powering token for the Bitcoin Minetrix ecosystem. The platform has digitized and tokenized the entire BTC mining process, holding it on the cloud. Now, even ordinary folk have a chance to own BTC.

Bitcoin Minetrix is in the presale stage, recording more than $2.577 million in collections so far. The BTCMTX token is auctioning for $0.0112, but this offer is limited to the next two hours as the price is about to increase with stage 3 concluding. Visit Bitcoin Minetrix website to buy BTCMTX in the presale now.

The entry bars into the Bitcoin Minetrix ecosystem are low, as the platform is simple and easy to understand. You do not need any technical expertise to operate. It has also eliminated all hassles, so cost, space, heat, and noise no longer have to be a concern as is the case in traditional mining.

Buy this stake to mine crypto presale, which experts say has the potential to give a 10X return on your investment upon launch. To join the many traders that are already flocking to this project, head over to the website here.

Also Read:

New Crypto Mining Platform – Bitcoin Minetrix

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now – BTCMTX
  • Staking Rewards – Over 100% APY

Bitcoin Minetrix


Join Our Telegram channel to stay up to date on breaking news coverage


Credit: Source link

You might also like More from author

Comments are closed.

Please enter CoinGecko Free Api Key to get this plugin works.