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 Michaël 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.“
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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
Meanwhile, Cristian Palusci, an expert with analytics platform CryptoQuant, highlighted Bitcoin’s 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 Bitcoin’s 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.
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.
At the same time, Bitcoin’s market capitalization stands at $392.30 billion, retaining the decentralized finance (DeFi) asset’s position as the largest cryptocurrency by this indicator, according to data retrieved by Finbold on November 2.
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