Bitcoin’s (BTC) price has shown signs of consolidation around the $34,000 mark following a recent breakout. Concerns about a potential daily death cross between the 50 and 200 Moving Averages (MA) have diminished. However, the focus of crypto traders is now on the weekly close, which may reveal a macro-rising trend characterized by higher highs and higher lows.
Bitcoin Price Analysis for the Weekend
According to Captain Faibik, a well-known crypto analyst on the X platform, Bitcoin’s price is poised for a 5-7 percent increase over the weekend. This prediction is based on the hourly time frame, which has been forming a bullish pennant. It’s important to note that Bitcoin’s positive outlook is further supported by the “Uptober” narrative, which has witnessed a significant increase in call option trades. Additionally, the recent surge in altcoins has recently resulted in new capital flowing into Bitcoin investment products.
How Far Into the Rally?
As institutional investors seek refuge from high inflation, Matrixport, a prominent digital asset platform, has highlighted its belief that Bitcoin’s price will reach $125,000 by December 2024. Furthermore, the platform anticipates that the ongoing Bitcoin breakout will push the price higher, potentially reaching $45,000 in the coming weeks. Ultimately, the Bitcoin halving scheduled for April next year and the potential approval of a spot ETF in the United States are expected to act as bullish catalysts, setting the stage for a parabolic ascent towards a new all-time high.
