This surge has been propelled, at least in part, by mounting optimism regarding the imminent approval of a long-awaited spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), possibly even before the year’s end.
These hopeful expectations have infused the crypto markets with a fresh wave of enthusiasm, lifting Bitcoin to an impressive yearly high of approximately $35,400. This is also the highest level for BTC since May 2022.
On November 1, a prominent analyst Michaël van de Poppe offered insights into the ongoing uptrend, saying the rally will likely continue if BTC manages to maintain a key price level.
Bitcoin must stay above this price level to see further gains
According to Poppe, Bitcoin needs to stay above the $34,800 level in order to maintain its upward momentum.
If that happens, the maiden cryptocurrency is likely to attack its next target, which is the $36,500 – $37,000 price range, the analyst said.
“Bitcoin breaks out and reaches a new yearly high. Not a massive breakout, but as long as we stay above $34.8K, the next target is $36.5-37K.”– wrote Poppe.
A successful leap toward $37,000 would pave the way for altcoins to stage their own uptrend, the widely followed expert noted.
Bitcoin price analysis
At the time of publication on November 2, BTC was changing hands at $36,367, up more than 2.8% in the past 24 hours.
The world’s leading crypto asset gained 3.5% across the week and almost 25% on the monthly chart, adding more than $150 million in market cap during this run.
Year-to-date, the cryptocurrency’s gains now stand at an impressive 113%.
In a separate analysis from last week, Poppe said the ongoing rally could propel Bitcoin to as high as $50,000 before the next halving event, which is expected to occur in April 2024. After the halving, the expert believes BTC will enter a consolidation phase and witness “sideways action for a long period” before it begins printing new all-time highs.
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