Bitcoin’s bullish continuation can be “turned on” by sweeping across the lows of this level

After a bullish rally over the past week, Bitcoin (BTC) appears to be slowly consolidating, prompting crypto-market experts and traders to analyze its current price movements to try to deduce what may be in store for it in the future.

Taking into account the current bitcoin price action and developments with broader macro implications, a bullish continuation can be expected for the major digital asset if it sweeps across the lows of $20,000, says crypto trading expert and analyst Michael van de Poppe. pointed On November 2nd.

As he further explained, “Such a sweep is regular during the FOMC, after which we continue to reach $22.5K.”

Bitcoin price action analysis. source: Michael van de Poppe

Van de Poppe was referring to the ongoing meeting of the Federal Open Market Committee (FOMC), which some experts believe will result in a 75 basis point rate hike. The cryptanalyzer also added the following:

“Dip purchases can be made tonight.”

What others expect

Meanwhile, Christian Baloch, an expert on an analysis platform CryptoQuantAnd the It highlighted the resilience of Bitcoin in the face of adverse macro conditions, as evidenced by the large influx of cryptocurrency exchanges, indicating increased investor interest.

Beyond that, cryptanalysts mustache Notice the similarities between the current Bitcoin price action and previous years, including 2019 and 2015Which led him to say that the price of Bitcoin could reach $28,000 – $30,000 Within the next 90 days.

Bitcoin price analysis

As it stands, Bitcoin is trading at $20,417, which is a decline of 0.53% on the day, as well as 0.81% over the previous seven days, although its monthly progress remains positive.

Bitcoin 7-day price chart. source: quinphone

Meanwhile, Bitcoin has a market capitalization of $392.30 billion, maintaining the decentralized finance (DeFi) asset’s position as the largest cryptocurrency according to this indicator, according to data retrieved by Coinphony on November 2.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Bitcoin’s continuation could then be “triggered” by sweeping bottoms at this level that first appeared on Coinphony.

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