Is there a chance of BTC hitting $100,000 this year? Definitely and could potentially climb higher! Explore this article by BTCNEXT analysts to find out the exact date!
1–9 November main events
- The Fed is winding down the program of emergency stimulus packages for the economy. The US Federal Reserve will reduce the volume of redemption of government bonds by $10 billion and mortgage securities by $5 billion.0
- The Ethereum price renewed its high above $4,800. Quotes of the second largest cryptocurrency in terms of capitalization reached $4,700, having renewed its all-time high.
- US House of Representatives adopts $1.2 trillion infrastructure plan. A vote was passed to adopt a $1.2 trillion infrastructure plan, without amendments, in favor of representatives of the crypto industry.
The week closed in the resistance range of $61,845-$64,854 — the highest close of a weekly candle in history. Targets $68,700, $70,000, $74,660 have opened before us. The next ones will be in the range of $78,100-$80,000, $87,130 and $93,345. Locally, these are the maximum targets, but the bull market peak is expected in the range of $120,000-$130,000 and $204,000-$282,000. The support on the weekly chart is at $60,000, then the ranges are $57,130-$56,560 and $52,900-$49,700, with the lowest support at $43,000-$40,100. Let’s remember that a price below $52,900-$49,700 is not expected in the next six months.
The Fear and Greed Index is at 75, indicating greed among investors. Open interest rose 6.5% to above $26b, indicating that the market is overheated. Funding is also holding above 0.01 and is now climbing to 0.03, which indicates an increased concentration of leveraged longs. The likelihood of an early correction remains.
The annual index of the altcoin season is at around 78, the monthly index has rolled back to 35 from the 50–60 resistance and is now at 41. The total index is at 55 and it’s holding stable above 50. The dominance of altcoins is closed for the third week in a row by a large green bar, with last week closing above the resistance at 56–57. Thus, a stable upward movement has formed with support in the range of 56–57 and 55–53, so we can expect further growth of the indicator. Alt Season is on our doorstep.
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