Bitcoin returned to levels near the absolute maximum (ATH). Before the record was updated, the coin was only $173 short. Many members of the crypto community believe that the milestone will soon fall.
We tell you what Bitcoin forecast investors give and what could prevent BTC from updating its absolute maximum in the near future.
What’s happening with Bitcoin
On October 29, 2024, Bitcoin immediately reached $73,577, which is only 0.23% less than the absolute maximum recorded on March 14 of this year at $73,750. On October 30, BTC began with a slight correction. As of the time of writing, the cryptocurrency is trading at $72,286.
The cryptocurrency grew due to a combination of a number of factors, including positive expectations from the US elections, expectations of a further reduction in the Fed’s key interest rate, as well as an increase in the influx of investments into Bitcoin ETFs.
Can Bitcoin Continue to Grow?
Many members of the crypto community believe that Bitcoin has no obstacles to its further growth. For example, Samson Moe, CEO of Jan3, waiting rapid growth of BTC. He explained his forecast for Bitcoin by the fact that the cryptocurrency has been accumulating strength for a long time, which will now help it realize the long-awaited positive movement.
Further growth of BTC also predicts investor Mike Alfred. He believes that the coin is on the verge of updating its absolute maximum. Investor VirtualBacon in turn also waiting new high for Bitcoin. With them agree TechDev Analyst. In his opinion, BTC is on the verge of a big wave of growth.
To the optimists joined Head of Research at CryptoQuant Julio Moreno. He sees the prospect of updating the absolute maximum of Bitcoin in the near future. His analysis of the prospects for BTC’s movement indicates a possible movement of the cryptocurrency towards $84,000.
At the same time, cryptans warn about a possible correction after an attempt to storm the maximum. Estimated trajectory of BTC movement presented by analyst Mark Cullen. He believes that BTC will make a new high before the end of October. After another burst of growth, it is waiting for a correction to the area of $70,000. If the coin does not have the strength to rebound, the analyst warns, a deeper correction to $64,000 is not excluded.
Shorters may send Bitcoin into a correction. About this warn in CoinGlass. Analysts have noticed a “wall” of sellers on the Binance spot who are resisting BTC’s move to a new high.
“Wall” of sellers on the Binance spot
Analyst Michael van de Poppe in turn sees prospects for a wave of altcoin growth.
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Source: Cryptocurrency
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