Bitcoin price consolidation 'could be over' says trader as Ethereum, Polkadot hit all-time highs

Published at: Nov. 2, 2021

Bitcoin (BTC) is in line for continuation of its bull run, fresh analysis says as BTC/USD retains its 2.2% daily gains.

$62,500 eyed for BTC price bounce

As data from Cointelegraph Markets Pro and TradingView tracks Bitcoin's best day for a week, confidence in higher levels is building.

Earlier Wednesday, the largest cryptocurrency abruptly exited a sideways trading channel to add almost $2,000 in just over an hour. 

Amid calls of a potential breakout, popular trader Pentoshi believes that $62,500 may be buyers' only chance to "buy the dip."

"$BTC any pullback towards 62.5k is a great bid zone to add," he advised Twitter followers alongside an accompanying chart.

"Looks as tho consolidation could be over and ready to trend again."

With the Wall St. open around the corner, confidence is firmly evident among market participants, with analyst TechDev calling for a march beyond all-time highs of $67,100.

Related: Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Ether (ETH), the largest altcoin by market cap, saw a fresh all-time high of $4,482 Wednesday, days after its previous record.

The top ten cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day at $52 — itself an all-time high after its own October rally.

#BTC daily looks poised to begin its move up to 84K. pic.twitter.com/QtTFjjpBBl

— TechDev (@TechDev_52) November 2, 2021

Bitcoin de facto hit its "worst case scenario" monthly close for October, thus remaining on course to see almost $100,000 by the end of this month.

New all-time highs for ETH and DOT

Bullish sentiment is also coming from a resurgent altcoin sphere.

Tags
Bitcoin
Bitcoin Price
Markets
Ethereum
Altcoin
Polkadot
Ether Price
Related Posts
Price analysis 3/22: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LTC, LINK, THETA
The Turkish lira lost 15% of its value and dipped close to its all-time low after Turkey's President Erdogan fired central bank governor Naci Agbal. This resulted in a massive spike in Bitcoin (BTC) searches in Turkey as investors sought to protect their wealth from devaluation. This is just another example that shows how investors may be treating Bitcoin as a possible substitute for fiat currencies. In other news, United States Federal Reserve chairman Jerome Powell has a different view. While speaking at an event hosted by the Bank for International Settlements, Powell said that Bitcoin is more of a …
Bitcoin / March 22, 2021
Price analysis 11/19: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, AVAX
Bitcoin (BTC) dropped below $56,000 on Nov. 19, completing a near 20% correction from the all-time high. The Crypto Fear & Greed Index, which remained in the greed zone for most of the past two months, has plummeted into the fear category with a reading of 34. Cryptocurrency research firm Delphi Digital said in a recent report that the sell-off in Bitcoin was “largely driven by a wave of liquidations rather than a fundamental shift in narrative,” and the analysts expect the drawdown to be “relatively short-lived.” The recent correction does not seem to have shaken the long-term holders. According …
Bitcoin / Nov. 19, 2021
Price analysis 3/25: BTC, ETH, BNB, XRP, ADA, LUNA, SOL, AVAX, DOT, DOGE
This week Bitcoin (BTC) and select altcoins broke above their immediate resistance levels and moved higher, which propelled the total crypto market capitalization above $2 trillion on March 24. One of the triggers that could have driven crypto prices higher was BlackRock CEO Larry Fink’s letter to shareholders where he said that the Russia-Ukraine conflict has opened up avenues for digital currencies to be used as a mode of settlement for international transactions. Another bit of news that may have aided the up-move in crypto prices was that Goldman Sachs redesigned its website with emphasis on the growth of digital …
Bitcoin / March 25, 2022
Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
The U.S. dollar currency index (DXY) turned down sharply after rising above 101 on April 20 but this weakness in the dollar has not helped Bitcoin (BTC), possibly because the S&P 500 is struggling to build upon its strong rally on April 19. This indicates that Bitcoin remains tightly correlated with the U.S. equity markets. Irrespective of the lackluster price action, research projects several positives for Bitcoin this year. A report by Insider Intelligence shows that the number of adult crypto users in the U.S. could surge from 28.3 million in 2021 to 33.7 million in 2022. Along with the …
Bitcoin / April 20, 2022
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies. That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost prices of stocks and the cryptocurrency markets as both …
Bitcoin / Sept. 2, 2022