BTC Price Prediction: BTC Price Stalls at $63K, Pull Back to $57k Or New All time Highs?

Sunil Sharma
November 3, 2021
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Bitcoin

Bitcoin BTC’s dominance chart from a monthly time frame signals a regular bullish divergence setup of the RSI[4], suggesting an increase in demand for Bitcoin BTC over Altcoins in the crypto market. Also, crypto mining companies such as RIOT Blockchain [RIOT], Marathon Digital [MARA], Bitfarms [BITF], and HUt 8 Mining all saw a considerable price hike following the recent BTC-Bitcoin recovery from its short-term correction phase.

This week, we’ll cover the four significant time frames of the BTCUSDT, starting with the monthly chart, followed by the weekly, daily, and 4HR time frames.

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BTC Price Prediction: Weekly Chart

The weekly time frame above reveals a regular bearish divergence with resistance set at the $6720.00 mark on the BYBIT crypto exchange.

Although the bears look forward to a price slump from the bearish signal, a price close above the $67K round number resistance and higher RSI readings above level-86 would bring the bearish divergence to null, which could lead to a further hike in BTC price.

A price close below the $57800.00 support should signal a slump in BTC price towards the $40K mark.

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BTC Price Prediction: Daily Chart

Bullish momentum stopped the price pull-back of the BTCUSDT by signaling a hidden bullish divergence on 28 October ’21. A more recent break out of hidden inside-bar resistance could be the last straw that breaks the bears back, where we can see the price skyrocket above the 21 October ’21 resistance.

The bulls are obviously in control of the exchange rate from a daily time frame perspective considering that the RSI sows readings above level-25 since 23 July ’21.

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BTC Price Prediction: 4 Hr Chart

After trading in a range-bound market structure on the intraday 4HR chart, the BTCUSDT exchange rate jumps above the significant bull-trap resistance on 25 October, suggesting that we may be seeing higher BTC prices in the coming days.

The last price hurdle in the path of the intraday bulls is the 20 October 16:00 resistance, where a price close above the level should hint at a parabolic trajectory for the BTCUSDT.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.