Chart Pattern Signals a 35% Upswing Ahead

Chart Pattern Signals a 35% Upswing Ahead

Bitcoin Price Prediction: A tug-of-war within the price levels of $35000 and $33400 reflect a sideways movement in the near future

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Bitcoin Price Prediction: The BTC price hit a major roadblock in its ongoing recovery, facing strong resistance around the $35,000 mark. This stall has ignited concerns about a potential correction across the broader altcoin market, raising questions about whether the recent ‘Uptober’ rally has come to an end. 

Also Read: US Fed’s FOMC Meet: How Would BTC Price React To Powell Speech

Is BTC Price Heading Back to $32000?

  • The rising overhead supply could push the BTC price to the $32000 mark
  • Amid the potential pullback, the buyers can witness dynamic support from daily EMAs(20, 50, 100, and 200)
  • The intraday trading volume in Bitcoin is $9.5 Billion, indicating a 34% gain.

Bitcoin Price PredictionSource-Tradingview

Starting from the third week of October, the Bitcoin price displayed robust bullish momentum, soaring from a low of $26,773 to a current trading price of around $34,000—a 28% growth. 

However, this uptrend hit a wall near the $35,000 mark, meeting the upper resistance trendline of a channel pattern that has been in formation for over a year. Historically, retests of this upper trendline have often led to significant corrections. 

During the week, sellers attempted to drive prices lower, but the asset did not dip below the $33,420 level, as indicated by the low wick rejection on October 27. Therefore, with overhead supply at $34,000 and a demand zone at $33,420, the BTC price could see some uncertainty in the coming days. 

A break below $33,421 could catalyze a larger correction, potentially pushing the asset down to $32,000 or even $30,786.

Will the Recovery Rally Continue?

While the short-term outlook for Bitcoin seems to oscillate between sideways to bearish, the prevailing bullish momentum has not yet run its course. If the asset manages to regain its bullish traction during this pullback, it could attempt to break above the pattern’s upper trendline near the $36,000 mark. Such a breakout would indicate a more aggressive bullish cycle, possibly propelling Bitcoin to levels around $48,000.

  • Bollinger Band: The Bollinger Bands show a sharp uptick in the upper boundary, implying that buying interest remains high.
  • Relative Strength Index: The RSI slope at 80%(overbought region) reflects a minor pullback would be healthy for this asset to replenish the existing bullish momentum.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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