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.
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.
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.