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Price Analysis

Bitcoin Analysts Predict a BTC/USDT Rally to $100k if October Highs is Broken

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Bitcoin is a special cryptocurrency.

It is the first of its name—if we may say—and the only cryptocurrency considered a utility by U.S. regulators.

With incomparably deep liquidity, Bitcoin is also the first cryptocurrency with a U.S.-approved complex derivative with the SEC blessings.

Bitcoin Market Performance and Price Status

Following the move by the strict regulator, Australia also approved the first Bitcoin ETF.

This makes for a solid year when regulators across the globe embraced crypto, allowing institutional investors with billions—if not trillions—to diversify into Bitcoin.

For this reason, many traders think banking against BTC is a risky business.

In their view, the only way for Bitcoin is up. Given the finite supply, the coin could burst to over $100k by the end of the year.

Bitcoin Daily Price Chart for October 30

Reading from the BTC/USDT price action in the daily chart, the uptrend is solid. Notably, after a shake-out last week, prices bounced strongly from the middle BB—a flexible resistance line.

Furthermore, gains of October 28 have been confirmed following the bull bar of yesterday.

However, there is hesitation from a section of traders.

Leaning on caution, a close above $66.5k would provide more reassurance.

The subsequent breakout could be the base for another swing higher, towards $95k, the 1.618 Fibonacci extension level of the H1 2021 trade range.

For this level to be hit, it means it has to expand by another whopping 50 percent.

If this is realized, the coin will most likely cross into the six-figure territory—a dream valuation for traders.

Bitcoin to $95k: Cup-and-Handle Formation and Elliot Wave Formation

That Bitcoin is ready for another leg up placing it at $95k is possible. This is the position of one trader on Twitter.

Per his observation of the daily chart, the BTC/USDT is forming a cup-and-handle formation.

A close above the current consolidation, therefore, would open the floodgates for buyers into the equation.

Subsequently, this would pump BTC to $95k—this is the depth of the cup measured from the recent highs to the bottoms of May.

As mentioned above, this level also flashes with the 1.618 Fibonacci extension level of the H1 2021 trade range.

Meanwhile, the same view is held by another trader on Twitter.

In his opinion, BTC is ready for a swing to $100k. From the daily chart of the BTC/USDT, the trader notes that BTC must rally to six digits for the first time to complete the third of the Elliot Wave.

Afterward, prices would cool back, but that will be before another leg up, placing BTC at over $115k in the fifth wave.

Bitcoin Breakout to $66k

On YouTube, another trader thinks Bitcoin would likely clear immediate resistance levels for a retest of $66k.

From the daily chart, he observes that BTC/USDT prices are moving in a descending wedge with a W-formation.

However, since prices are within the early October leg up, this is bullish from a volumes analysis point of view.

In the days ahead, a close above $63k and later $64k would further temper buyers who would most likely retest and even break above $66k.

If there is rejection at the primary resistance trend line, BTC may break below $60k.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

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