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This is Bitcoin’s next price target as correction is ruled out

This is Bitcoin's next price target as correction is ruled out

Bitcoin (BTC) has regained market attention again, aiming to surpass the $30,000 level amid the ongoing short-term rally. In this resurgence, some analysts predict that Bitcoin is poised for further gains, potentially reaching a new all-time high.

In particular, prominent crypto trading analyst TradingShot, in a post on TradingView dated October 20, highlighted that Bitcoin’s current strong technical indicators and historical patterns suggest a continuous upward trajectory, with a correction only expected once specific criteria are met.

Notably, the analyst indicated that Bitcoin is eyeing the $35,000 mark, with the asset defying recent skepticism following the fake news regarding a spot Bitcoin Exchange-Traded Fund (ETF).

Bitcoin price analysis chart. Source: TradingView

According to TradingShot, Bitcoin is approaching the high it reached the previous Monday, with its 1-day Relative Strength Index ( RSI) soaring into overbought territory, above the 70.00 mark. However, this overbought condition may not cause concern for those anticipating a technical correction.

He pointed out that Bitcoin exhibits a compelling one-year pattern resembling a ‘Channel Up’. This pattern suggests that the current uptick is the next leg of a technical bullish trajectory that could propel Bitcoin to a new high. 

Bitcoin’s dual moving average support

Supporting this bullish thesis are the 1-day moving average (MA) indicators. The 1-day MA50 has supported this uptrend alongside the 1-day MA100, reinforcing the belief in Bitcoin’s upward momentum. This dual MA support mirrors the pattern seen in the previous bullish leg.

He stated that the next crucial buy opportunity will materialize when Bitcoin corrects to the 1-day MA100. 

“As a result, we don’t expect a correction now, despite the overbought RSI but rather will wait for at least 3 Lower Highs in order to take profit and wait for a 1D MA100 correction. That will be the buy with which we will target a symmetrical Higher High at 35500 on the 1.5 Fibonacci extension,” he said. 

It’s noteworthy that Bitcoin is again striving to reclaim the $30,000 mark after the debunked news regarding the approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).

While some analysts suggest the possibility of the first spot Bitcoin ETF approval by year-end, the SEC has not committed to any specific timeline. A recent court ruling deemed the SEC’s refusal to grant Grayscale a Bitcoin ETF as lacking merit. While not guaranteed, the SEC’s decision not to appeal this case heightens the chances of a spot Bitcoin ETF approval in the near future.

Bitcoin price analysis

By press time, Bitcoin was valued at $29,803, showing daily gains of approximately 1%. On the weekly chart, Bitcoin has accrued over a 10% increase.

Bitcoin seven-day price chart. Source: Finbold

From a technical analysis perspective, Bitcoin is predominantly influenced by bullish sentiment. One-day indicators from TradingView suggest a ‘strong buy’ at 16, while moving averages indicate a ‘strong buy’ at 14. Conversely, oscillators are neutral at 8.

Bitcoin technical analysis. Source: TradingView

As Bitcoin maintains its short-term gains, it’s worth noting that the maiden cryptocurrency persists within the familiar range of $25,000 to $30,000.

Disclaimer: The content on this site should not be considered investment advice.Investing is speculative. When investing, your capital is at risk.

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