Will Bitcoin Fall to $14K or Rise to $30K This Week?
- A recent analysis concludes that Bitcoin’s price above the $21,000 level may be the last for some time.
- Despite a 7 percent gain this month, Bitcoin’s recent bullishness represents its third weakest performance since 2013.
As concerns of a stronger retracement grow, the leading digital asset, Bitcoin’s price stabilized for the weekly October 30. According to TradingView data, BTC/USD traded below the $21,000 region for the day. While Bitcoin traded above the $21,000 level over the weekend, the asset’s bulls could not help it sustain this price level.
Trading volume was low on Sunday. Thus, the leading digital resource could not sustain its bullish run. Currently, BTC is trading around the $20,500 mark. Furthermore, BTC’s market cap fell below $400 billion while altcoin dominance remains below 39 percent.
Meanwhile, anonymous crypto trader and analyst, Il Capo of Crypto, said that cryptocurrencies, including Bitcoin, were already set to change. Altcoins also showed strong performances over the weekend, with Dogecoin leading the way. The price of the meme-themed crypto surged another 25 percent over the past day, pushing it to a 6-month high.
In his recent Twitter update Il Capo from crypto wrote that the top two digital assets (BTC and ETH) are at the top. However, he added that some altcoins may also experience price increases.
Quick update:
Shitcoins pumping and $BTC distribute between 20500-21200, as expected.
In my opinion, the top is in for $BTC and $ETH, but some altcoins can pump more. Do not enter any new long positions and only follow my stops in profit (altcoins). I want to TP soon. https://t.co/DE3aW5HQr8
— il Capo Of Crypto (@CryptoCapo_) 30 October 2022
There have been several discussions about taking over profits in recent days. However, on-chain indicators suggest that profit-taking will only be a viable option once Bitcoin stabilizes above the $21,000 price level. Fellow analyst, Mark Cullen, responded to Il Capo on the crypto’s predictions and warned traders to be cautious, as the market has a short-term strength.
Cullen tweeted that BTC had stayed below $21k for far too long while eth and other altcoins have had a strong bullish run. He added that he would consider a push higher immediately after BTC crosses the “golden zone – $21,000.” But if it loses $20,400, his doubts will increase.
7 percent increase in October
Using the 24-hour chart, BTC/USD had managed to break the 50-day moving average (MA) last week, but continues to struggle with the 100-day MA. Finally, using the weekly and monthly charts, BTC closed at its highest weekly candle since September 15 on October 30.
The current price indicates that it has risen 7 percent this month. However, recent data from crypto-tracking firm Coinglass shows that Bitcoin’s gains this month represent its third weakest performance in nine years.
Meanwhile, between November 1 and 2, the Federal Open Market Committee (FOMC), which includes the US Federal Reserve, will meet to discuss whether to raise interest rates as it has done recently. Analysts already expect the Fed to raise interest rates again. But they could not predict whether the hike would be as aggressive as in July and September. A less aggressive rate hike could lead to serial growth for the crypto market.
