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The Bitcoin price continues to trade with a bullish bias, recording a daily gain of almost 1% in the last 24 hours.
It is exchanging hands for $34,983 as of Saturday, November 4, 10:45pm EST with the $35,000 psychological level in sight. But trading volume fell by almost 40% over the last day as traders took a break over the weekend.
Highly probable boring weekend coming up for #Bitcoin pic.twitter.com/HaVfxNTTa9
— Eric Crown (@KrownCryptoCave) November 4, 2023
Investors are looking far beyond the weekend. They are wondering what could be the next step for Bitcoin price if it forays past the $35,000 psychological barrier. Fund management giant VanEck said conditions are becoming extremely favorable for Bitcoin and the cryptocurrency industry as the countdown to 2024 continues. The firm’s CEO Jan van Eck said during an interview on the Empire podcast that Bitcoin has a “close to perfect setup as a trade.”
A must-watch episode w/ CEO @JanvanEck3 and @mleinweber2 from @MarketVector
📺https://t.co/Fbc3beOmvN https://t.co/eGUwuqO3md
— VanEck (@vaneck_us) October 31, 2023
Another crypto executive who has expressed optimism for BTC is veteran US hedge fund investor Stanley Druckenmiller, who expressed regret for not owning BTC. In his opinion, Bitcoin has established itself as a ”brand” over the past 17 years.
Stanley Druckenmiller is one of the most successful hedge fund managers on Wall Street and is worth $6,200,000,000.
He says, “Young people look at #bitcoin as a store of value. It’s a brand. I like it. I dont own any, but I should”pic.twitter.com/DXjrnvE1Qc
— Documenting ₿itcoin 📄 (@DocumentingBTC) October 30, 2023
Druckenmiller also compared Bitcoin to gold as a store of value, acknowledging its appeal to the younger generation. This happened during an interview with fellow hedge fund great Paul Tudor Jones.
Analyst Targets For Bitcoin Price
To some, the $36,000 level is the level to beat, as it would pave the way for more gains.
😯 IF #Bitcoin FOLLOWS THIS PLAN… $36k THIS WEEKEND??
Important $btc level to watch!
Now posted in my Free Telegram Group 👇https://t.co/IrIzL8SBRJ pic.twitter.com/kinaWTlp4x
— ChiefraT (@ChiefraFba) November 4, 2023
There’s still an upbeat feeling in the crypto community, and specifically around BTC, as many investors continue to add to their BTC portfolios. This is in anticipation of a positive nod from the US Securities and Exchange Commission (SEC) over the approval of an exchange-traded fund (ETF). This is expected to fuel a surge in Bitcoin price, with a taste of it seen on August 29 when Grayscale’s victory over the US SEC came in.
Investors are piling into Bitcoin as they anticipate the U.S. Securities and Exchange Commission will soon approve the first ever Bitcoin spot exchange-traded fund to trade on a major U.S. exchange. #crypto #bitcoin
— Mark Cody (@MarkCody) November 5, 2023
Bitcoin price Likely To Dump, Experts Anticipate Overflows To Benefit Altcoins
Meanwhile, some investors are anticipating a pullback in Bitcoin price to the $32,000 to $31,000 range, with some looking to catch the capital rotation on time. This is when the overflows from the Bitcoin rally and overall optimism will spill over to altcoins.
#Bitcoin to dump to $32,000 – $31,000 and #Ethereum to pump to $2,000 and beyond
Rotation to occur please
— Crypto Tony (@CryptoTony__) November 4, 2023
Altcoins continue to hold strong following the lead of the king of crypto, which is up 27% over the past month. However, when Bitcoin dumps, investors look to altcoins for capital rotation. If BTC shows weakness, therefore, altcoins are likely to benefit.
#TOTAL2 / #Altcoin Market Cap – Update
Holding up nicely here, which is a great sign for our #Altcoins
Once we see capital from #Bitcoin i expect fireworks pic.twitter.com/z6Q30KcBrA
— Crypto Tony (@CryptoTony__) November 4, 2023
Bitcoin Price Outlook For The Week Starting November 5, 2023
Bitcoin price has one key barrier to overcome, the $35,532 resistance level. BTC approached this level recently, recording an intra-day high of $35,280, but the foray proved premature. Analysts say the rejection comes as the king of crypto lacks hindwings at the moment, and is running on speculation alone. Currently, all eyes are peeled to the SEC with regards to spot BTC ETFs. If approval does not come soon, a correction is imminent for the Bitcoin price.
The position of the Relative Strength Index at 71 shows BTC is overbought. Its deviation from the northbound moves is the first warning sign, signaling a sell-off may be impending, activated once the RSI crosses below 70.
The ensuing selling pressure could send Bitcoin price south to the $32,000 to $31,000 range, according to @CryptoTony. If this range fails to hold as a support zone for BTC, the price could spiral to $30,000 or lower.
In such a turnout, the next possible support levels for Bitcoin price would be the $100, or 50-day Exponential Moving Averages (EMA) at $28,044 and $27,617 respectively. In the dire case, the slump could extend to the confluence between the 200-day EMA and the horizontal line at 25,058. Such a move would constitute a 30% drop from current levels.
Conversely
A reentry by sidelined investors, or late buyers for that matter, could see Bitcoin price extend north, clearing the $35,280 high and breaching the $35,532 resistance level.
In a highly bullish case, Bitcoin price could stretch to tag the mean threshold at $43,761 of the weekly supply zone extending from $40,000 to $47,288. A decisive candlestick close above the $43,761 level would confirm the continuation of the trend.
Meanwhile, investor attention has shifted to BTCMTX, a new player in the crypto market. It not only provides a promising profit potential, but also provides an easy entry into the BTC market.
Bitcoin Alternative
BTCMTX takes center stage as the prolific alternative to BTC. It’s toted as “a cloud-mining project that allows everyday people to mine Bitcoin in a decentralized way.” It uses a stake-to-mine approach, with token holders staking their tokens for mining credits. These credits are burned (redeemed) for mining hash power.
When integrated into an #Ethereum smart contract, the $BTCMTX #Token acts as the gateway to access #Bitcoin cloud mining. 🔑
Eager users can effortlessly purchase and employ #BTCMTX tokens to secure cloud mining credits, ultimately traded for hashing power. pic.twitter.com/c3Ojzq25h0
— Bitcoinminetrix (@bitcoinminetrix) November 2, 2023
BTCMTX powers the Bitcoin Minetrix ecosystem, a space where cloud mining has not only been decentralized but also tokenized. In so doing, direct power is conferred to the token holder, eliminating third parties and the risk of swindles in the process.
Introducing #BitcoinMinetrix, the revolutionary cloud mining solution empowering individuals to engage in #Decentralised $BTC mining with ease. 💠
With the elimination of third-party cloud mining risks, users enjoy total control over their mining activities.#BitcoinMining pic.twitter.com/BV7BE7AfKs
— Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
As traders flock to the Bitcoin Minetrix market, now is the time to buy BTCMTX in the presale, with one token going for $0.0114. So far, presale collections have reached $3,331,653 as of November 4, 11:41 PM EST. This is no mean feat as the presale closes on its $3.904 million target.
Visit Bitcoin Minetrix to buy BTCMTX using ETH, USDT, or your bankcard here.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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