BTC to hit $100k by the end of 2021? Easy — the bull run continues!
Will we get at least one chance to see Bitcoin below $50,000? The possibility is still there! Check out the market analysis from BTCNEXT and find out all!
1–12 October main events
- SEC approves ETFs based on Bitcoin companies. The US Securities and Exchange Commission has approved Volt Equity’s application to launch an exchange-traded fund (ETF) based on a basket of stocks from companies “revolutionizing the Bitcoin industry.” The ETF will include about 30 companies, like Tesla, Twitter, Square, Coinbase and PayPal.
- Vitalik Buterin does not approve of Bitcoin’s legalization in El Salvador. Ethereum’s creator criticized El Salvador’s decision to recognize BTC as the official currency. He stressed that the process of forced integration of digital assets into the financial system “is contrary to the ideals of freedom.”
- Edward Snowden called CBDC the “evil twin” of Bitcoin. Central Banking Digital Currencies (CBDCs) are “the newest threat looming over society.” According to the former NSA and CIA officer Edward Snowden, these tools “pervert” the very nature of cryptocurrencies.
The week closed below $55,000, leading to a downward RSI high. If the current week closes with a red bar, we’ll get a weekly divergence. The BTC price has passed the strong resistance zone of $49,700-$52,900 and now it acts as a support. The bottom is insured by the small support zone $47,230-$46,830 and the strong $40,100-$43,000 zone. To continue its growth, the week has to close above $57,140, where the price has now is. If it does, we can fully expect a flight to $74,660, $87,130, $100,900 and above.
The price has practically entered the resistance range of $59,580-$57,000 from which a correction is expected. If the bulls manage to push the price above this range and close the day around $60,000, we should expect continued growth to $61,844 and be closer to an ATH.
Since the index of fear and greed is in the zone of greed, at 71 points, it feels overheated. Open interest has already grown to almost 20 billion, which also indicates overheating. Since October 6, funding has been in the positive zone, which indicates the accumulation of long positions with large leverage.
As long as the price sits above $55,000, we are looking at growth to $60,000. As soon as the 4H candle begins to close below $55,000 and $53,400, we should expect a correction to $52,235-$51,085, $50,388-$48,840 and to the $45,200 level.
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