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Bitcoin and major altcoins experienced notable pullbacks at Friday’s expiry as short-term traders likely booked profits. This sell-off led to a dip in the value of top cryptocurrencies—BTC, ETH, XRP, and SOL—all of which registered losses between 3%-9%. Furthermore, the global crypto market capitalization plunged by more than 2% to $1.27 trillion. However, a popular crypto analyst has forecasted a bullish scenario for Bitcoin, setting a target of $40,000 in the coming weeks. This optimistic prediction is based on a significant pattern emerging in the technical charts.
Popular Analyst Points Out Major Development in Bitcoin Price
Analyst CredibleCrypto on Saturday took to X highlighting a significant development on the Bitcoin chart. He said “We may be on the verge of something massive. Clear areas of interest/invalidation discussed.”
CryptoQuant research head Julio Monero recently said the rally may pause. The profit booking was expected after a massive “uptober” rally.
There’s a probability of BTC price dropping to the $34,300 level before another upside move. The price can drop further if BTC breaches support range to as low as $33,700.
However, he believes there is an alternative to it, with a truncated price action. If $34.6K is held and $34.7K is defended, we can see an impulse, with the continuation of the impulses triggering a massive rally toward $40,000. He believes BTC price to “ideally around $50k this month.”
Read More: Will Bitcoin Price Rally This Weekend?
In fact, Matrixport predicted Bitcoin at $45K in 2023 and $125K by 2024-end. In addition, as Bitcoin price officially formed a “Golden Cross” this week and macro factors ease, BitMEX co-founder Arthur Hayes recommends buying Bitcoin.
BTC price jumped 0.4% in the last 24 hours, with the price currently trading near $34,769. The 24-hour low and high are $34,594 and $34,960, respectively. Traders need to keep an eye on an increase in trading volume confirming an upcoming upside momentum.
Crypto analysts are now highlighting breakouts and massive buying in altcoins. Altcoins such as ETH, XRP, ADA, SOL, and DOGE are expected to see sudden price jumps.
Markets are back on green mode!
This will most likely stay for the coming period.
— Michaël van de Poppe (@CryptoMichNL) November 4, 2023
ETH/USD Daily Chart: Ethereum Price Set For a Massive Breakout
Source- Tradingview
The ongoing recovery trend in the ETH coin faced a major roadblock around the $1860 mark as the prices hit the resistance trendline of the long-coming Flag pattern. The overhead supply led to the consolidation phase, where the price resonated between the aforementioned barrier and $1750 newfound support.
The daily candles projecting long wicks and short bodies indicate uncertainty among market participating and no-trading zones. However, if the crypto market returns on a bullish track, the Ethereum price may breach the overhead trend as an early sign of uptrend continuation, the post-breakout rally would set this altcoin for a rally to $2340, followed by a $3000 psychological level.
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