According to Analysts, Bitcoin started its turn toward a new all-time high. The sideways action from altcoins shows that traders started to shift their funds into BTC.
Yesterday, Bitcoin resumed its rally and rose near to $58,000, which marked an almost 100% recovery from the fall in May. It also shows that China`s regulatory action can only affect temporarily.
In the past few weeks, the decisive rally in Bitcoin managed to boost sentiment. In the meantime, analysts project a six-figure increase. Head of developing market currency research at Standard Chartered, Geoffrey Kendrick, expects Bitcoin to surge to around $100,000 next year.
The founder of Gokhshtein Media and PAC Global, David Gokhshtein, seems even more optimistic as he anticipates Bitcoin to reach around $100,000 before this year. In the current cycle, Trader Rekt Capital and Analyst assumes that Bitcoin will increase even higher than $100,000.
Pairs
BTC/USDT
Bitcoin’s long candlewick from yesterday reveals that bears` failure to move the price below $52,930 appears to have strengthened the bulls. However, they sold at higher levels.
Today, it experienced aggressive buying that pushed the price above the intraday high at $56,561.32 from yesterday. It cleared the path for a potential rally to around $60,000. The rising 20-day EMA (equal to $50,197) and RSI in the overbought zone show that bulls seem to be in control.
The BTC/USDT pair might challenge their high at $64,855 if bulls managed to push the value over $60,000.
The initial sign of vulnerability will be close under the breakout level at $52,922, suggesting that traders maintain higher profits.
ETH/USDT
Yesterday, Ether turned down, but the bulls aggressively bought the drop on Oct. 11.
If bulls manage to push and close the price over the neckline, the inverse H&S pattern will complete. This reversal setup has a target of $4,658.
