Bitcoin BTC/USD ended the trading week at the level of 63433, continuing to move within the growth and bullish channel. However, while above the local maximum, the price is in no hurry to go further up. Moving averages indicate a bullish trend. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the asset and the potential continuation of the growth of asset prices.
Bitcoin (BTC) has managed to invalidate all but one predicted scenarios we drew for it. The growth has been renewed and it seems that it is pointing to the new, more decisive All Time High level.
At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 58665. From where again we should expect a rebound and a continuation of the rise of the Bitcoin exchange rate with a potential target above the 76505 level.
Bitcoin price prediction and analytics for October 25 – 29, 2021
An additional signal in favour of the growth of BTC/USD in the current trading week (October 25 – 29, 2021) will be a rebound from the lower boundary of the bullish channel. The second signal will be a rebound from the support line on the relative strength indicator (RSI). Now, the values of the RSI indicator are testing resistance, so it is premature to expect the growth of the cryptocurrency directly from the current levels.
The cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47055 area. This will indicate a breakdown of the support area and a continuation of the fall in BTC/USD prices with a potential target below the 36605 level. Confirmation of the predicted scenario of the bullish movement will be the breakdown of the resistance area and the closing of quotes above the level of 67055.
Long-term bitcoin price prediction
After the historical record price of bitcoin, analysts have estimated the growth potential of this cryptocurrency. Some experts predict an increase in the BTC rate to $100 thousand.
A few days ago, the bitcoin exchange rate reached its historical maximum. According to Coinmarketcap, the value of BTC has reached $66,909.15 and more then 67k on some exchanges. The previous record value of bitcoin was recorded in April 2021 – one BTC coin then cost $ 64,888. As of 10:00 on Monday, October 25, bitcoin is trading at $62.1 thousand.
The further scenario may develop in an avalanche: if bitcoin is fixed above $ 70 thousand, then there is a high probability of hype demand. And then the cryptocurrency exchange rate will easily exceed both $75 thousand and $80 thousand within a few days. Despite a slight correction, experts recently stated that after rising above $65 thousand, bitcoin could reach $72.5 thousand, and then $89 thousand.
Others believe that bitcoin has a growth potential in the area of $92 thousand-$100 thousand “without significant fundamental obstacles.” The coin can reach such indicators in 3-4 months.