After a bullish hike over the past week, Bitcoin (BTC) seems to be slowly consolidating, driving cryptocurrency market experts and traders to analyze its current price movements to try and deduce what might be in store for it in the future.
Taking into account the current price action of Bitcoin and developments with wider macro implications, the bullish continuation for the flagship digital asset could be expected if it sweeps the lows at $20,000, crypto trading expert and analyst Michal van de Poppe noted on November 2.
As he further explained, such a swipe is regular during FOMC, after which we continue towards $22.5K. Bitcoin price action analysis. Source: Michal van de Poppe
Van de Poppe was referring to the ongoing meeting of the Federal Open Market Committee (FOMC), which some experts believe will deliver a rate hike of 75 basis points. The crypto analyst also added that:
Dips buying might be done tonight. What others expect Related Macro strategist suggests Bitcoin decoupling from stocks would allow it to prosper Crypto analyst identifies crucial price levels to watch for Dogecoin Bitcoin shows resilience despite poor macro conditions as outflows from exchanges accelerate
Meanwhile, Cristian Palusci, an expert with analytics platform CryptoQuant, highlighted Bitcoins resilience in the face of unfavorable macro conditions, as evidenced by its significant outpour from crypto exchanges, marking an increased investor interest.
On top of that, crypto analyst Moustache has noticed similarities between Bitcoins current price action and the one from previous years, including 2019 and 2015, leading him to voice that Bitcoin could reach a price of $28,000 – $30,000 within the next 90 days.
2015: #Bitcoin breakout of a bear flag. At the cross of 50/100 WMA=Price at 100 WMA?.
2019: #Bitcoin breakout of a bear flag. At the cross of 50/100 WMA=Price at 100 WMA?.
2022: #Bitcoin breakout of a bear flag. Cross of 50/100 WMA so close=Price at 100 WMA at?($30.000). pic.twitter.com/9DQfKoJudD— ????????? ? (@el_crypto_prof) November 1, 2022 Bitcoin price analysis
As things stand, Bitcoin is changing hands at the price of $20,417, which represents a decline of 0.53% on the day, as well as 0.81% across the previous seven days, although its monthly advance is still positive. Bitcoin 7-day price chart. Source: Finbold
At the same time, Bitcoins market capitalization stands at $392.30 billion, retaining the decentralized finance (DeFi) assets position as the largest cryptocurrency by this indicator, according to data retrieved by Finbold on November 2.
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