Experts see Bitcoin poised to reach $40,000

On the daily chart, after the price rose out of a bullish pennant pattern, a continuation signal formed with a target of $40,100. A trader going by the nickname Titan of Crypto presented a similar technical picture.

#Bitcoin UP WE GO!??

After the weekly double breakout it’s now happening on the daily timeframe.

The bullish pennant is playing and the inside bar range have been broken out to the upside. #BTC heading now to $40,100. pic.twitter.com/uyvFwPTPZx

— Titan of Crypto (@Washigorira) November 2, 2023

The specialist pointed to a breakout above the range of the inside bar. This was preceded by a double breakout on the weekly time frame.

MN Trading founder Michaël van de Poppe reminded that the Federal Reserve did not raise the key rate at the meeting on November 1. He expressed confidence that policymakers have completed the tightening cycle, which could positively affect risk assets, including the leading cryptocurrency.

BREAKING:

Rates are unchanged from the FOMC.

The policy is ending and, most likely, hikes are done.

Short-term more positivity towards risk-on assets seems likely, including #Bitcoin.

— Michaël van de Poppe (@CryptoMichNL) November 1, 2023

With an optimistic view on further development, Pantera Capital CEO Dan Morehead commented on the positive October close.

«Bitcoin has a 14-year growth trend averaging 145% per year. My overall forecast is that the asset will again confirm these rates and will more than double every year», the expert noted.

Analyst Mark Cullen warned that such forecasts would not lose their relevance if bulls, after the breakout, confirm $35,000 as support.

«Now that the range has been broken [to the upside], things are a bit simpler. Either hold [the level] and continue the up move, or break down. In the latter case, we could lose the uptrend in the short term. There is no reason to be bearish until Bitcoin closes a four-hour candle below $35 000. A retest is fine and an opportunity for BTFD,» he noted.

Now the #Bitcoin range has broken, its a little simpler. Either hold and push on up or break down and we likely lose the major $BTC uptrend in the short term.
No reason to e bearish until #BTC close an H4 back below 35k. A dip back to test is fine & likely a #BTFD opportunity. pic.twitter.com/CXSXkX7KP7

— AlphaBTC (@mark_cullen) November 2, 2023

A potential launchpad for renewed upside could be around the $34,600 zone, according to analyst and trader CredibleCrypto.

«The clash of shorts with the bids waiting at support is usually the recipe for a squeeze/rebound to the upside», the specialist said.

Alright so we are about halfway to my ideal downside target however we are now seeing some shorts building up into our range highs (a logical support level) and the bid side on Binance perps is stacked heavier than the ask side.

Shorts shorting into support with bids stacked… https://t.co/JOnbot1ACk pic.twitter.com/H7n2lpXmMP

— CrediBULL Crypto (@CredibleCrypto) November 2, 2023

Major Bitcoin options market participants are interested in a breakout above $36,000, which could trigger a new wave of liquidations.

Earlier, Glassnode analysts pointed to BTC clearing key barriers near $28,000 as technical and on-chain in nature.

Prior to that, experts, based on assessments of capital movement between hodlers and speculators, concluded that the current structure of the digital gold market bears resemblance to the recovery phase after bear-dominated periods in 2016 and 2019.