Price analysis 11/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, MATIC
Bitcoin (BTC) skyrocketed 28.5% in October, its second-best monthly gain of the year behind the 40% rally in January. After the strong showing in October, the next question on investors’ minds is, could the bullish momentum continue and Bitcoin extend its recovery going forward?
Bernstein said in a note on Oct. 31 that Bitcoin could rally to $150,000 by 2025. The firm believes that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund by the first quarter of 2024 and the ETFs may attract up to 10% of Bitcoin’s circulating supply.
While the long-term looks bullish, the volatility may pick up in the near term. On-chain monitoring resource Material Indicators believes that the bullish momentum is weakening and may result in a retest of $33,000 but before that, they anticipate an attempt at $36,000.
Will Bitcoin break above or below the current range? Could altcoins rally when Bitcoin consolidates?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
The bulls tried to propel Bitcoin above $35,280 on Nov. 1 but the bears did not relent. This suggests profit-booking at higher levels.
The relative strength index (RSI) is still in the overbought zone, indicating that the consolidation may extend for a few more days. The important level to watch on the upside is $35,280 and on the downside is $33,390.
If the price breaks below the support, the BTC/USDT pair could drop to the 20-day exponential moving average ($32,012). This level may witness a tough battle between the bulls and the bears.
On the upside, a break and close above the overhead resistance of $35,280 will signal the resumption of the uptrend. The pair may then climb to $40,000.
Ether (ETH) has been holding above
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