Bitcoin confirmed the formation of a ‘golden cross’ signal, which implies the development of an uptrend. This was noted by market analyst Adrian Zduńczyk.
? $BTC “GOLDEN CROSS” CONFIRMED pic.twitter.com/eFnzHH9YK6
— Adrian Zduńczyk, CMT (@crypto_birb) October 30, 2023
According to MN Trading founder Michaël van de Poppe, investors are preparing for a new impulse of growth. This is indicated by the decline in volatility. After breaking above the resistance, the trader expects to see movement toward $37,000. He recommended buying on dips to the lows of the current consolidation.
#Bitcoin still fighting the range resistance.
Breaking above, and I think we’ll see $37K.
Overall, volatility starts to slow down, consolidation period before another impulse.
Range lows are still entries. pic.twitter.com/OR6TZVPMEx
— Michaël van de Poppe (@CryptoMichNL) October 30, 2023
In case of a deeper correction, the expert advised buying more in the halving range of $32,500–33,000.
#Bitcoin is still stuck in a range, which means that a renewed test of the range high is going to lead to a breakout.
I’m targeting $36.5-37K for that.
Continuing downwards? Sure, then I’m interested in longs around $32.5-33K. pic.twitter.com/7po0Kf7zJc
— Michaël van de Poppe (@CryptoMichNL) October 31, 2023
As for medium-term prospects, LookIntoBitcoin founder Philip Swift identified the following targets: $41 900 and $65 050. According to the expert, after the price cleared the $34 000 level, an early phase of the bull market began.
#Bitcoin for the next year. pic.twitter.com/vevV0cjLq1
— Philip Swift (@PositiveCrypto) October 31, 2023
The advisor at Tether and VanEck, as well as founder of Pointsville, Gabor Gurbacs, cited increasing institutional presence as the main driver of further growth. This is evidenced by rising open interest in Bitcoin futures on the CME.
CME is about to flip Binance as the largest exchange with respect to Bitcoin futures open interest. Institutions are here… and it’s just getting started. The physical markets will catch up. pic.twitter.com/uPY0HRsoso
— Gabor Gurbacs (@gaborgurbacs) October 30, 2023
The Galaxy Digital research chief Alex Thorn predicted a new wave of short squeezes if the price of Bitcoin reaches the $35,750-36,000 area. According to his calculations, dealers would have to increase longs by $20 million for every 1% move higher.
This could occur due to a drop in gamma, which, in the event of a rise in the spot price, would force options-market participants to increase purchases of coins to maintain delta hedging.
the #bitcoin gamma squeeze from last week could happen again ?
if BTCUSD moves higher to $35,750-36k, options dealers will need to buy $20m in spot BTC for every 1% upside move, which could cause explosiveness if we begin to move up towards those levels
more ? pic.twitter.com/OA9tJ0ZaK9
— Alex Thorn (@intangiblecoins) October 30, 2023
Trader Rekt Capital turned out not to be so optimistic. Based on his chart, on the eve of halving in March 2024, the depth of a possible decline looks greater than the continuation of the rally.
After the miner rewards are halved, the specialist expects consolidation in the $24,000–30,000 range and only then a move to a parabolic rise toward six-figure levels.
Major Bitcoin Checkpoints:
1. Pre-Halving period (orange)
2. Pre-Halving rally (light blue)
3. Pre-Halving retrace (dark blue circle)
4. Post-Halving resistance (red)
5. Post-Halving parabola (green)$BTC #Crypto #bitcoin pic.twitter.com/FLpfuzsCtU
— Rekt Capital (@rektcapital) October 31, 2023
As a reminder, analyst and head of Factor LLC Peter Brandt urged Bitcoin traders to prepare for a ‘slugfest’.
Earlier, Glassnode analysts pointed to Bitcoin breaking through key barriers near $28,000 for both technical and on-chain reasons.
Prior to this, experts, based on assessments of capital movement between hodlers and speculators, concluded that the current structure of the market for the first cryptocurrency bears similarities to the recovery phase after bear-market dominance in 2016 and 2019.