BTC price hits 2-month high amid bet Bitcoin will break $32K 'soon'

Bitcoin (BTC) tapped $30,000 into the Oct. 20 Wall Street unfastened arsenic analysts directed attraction to the play close.

BTC/USD 1-hour chart. Source: TradingView

BTC terms sets up play adjacent showdown

Data from Cointelegraph Markets Pro and TradingView captured caller two-month BTC terms highs of $30,233 connected Bitstamp.

The brace showed continued strength during the Asia trading session, with a flimsy comedown taking spot astatine the clip of writing, taking spot terms backmost beneath $29,500.

With volatility inactive evident, marketplace participants argued that a play candle adjacent was needed successful bid to found the rally’s existent staying power.

For Keith Alan, co-founder of monitoring assets Material Indicators, the 100-week moving mean (MA) astatine $28,627 was of peculiar importance.

“This determination is 1 to watch, but what I'm watching for close present is to spot if this Weekly candle closes supra the 100-Week MA and if adjacent week's candle tin enactment supra it with nary wicks below,” helium wrote successful portion of an X station connected the day.

“Some mightiness see that a confirmation of a bull breakout, but this marketplace is known for squeezes and fake outs truthful I'm looking for much confirmations. For maine BTC volition besides request to instrumentality retired anterior absorption astatine $30.5k, $31.5k and yet $33k to telephone a bull breakout confirmed and validated.”

BTC/USD 1-week illustration with 100MA. Source: TradingView

Eyeing required enactment zones, fashionable trader Pentoshi flagged $28,900 arsenic the enactment successful the soil for bulls to hold.

— Pentoshi euroPeng (@Pentosh1) October 20, 2023

Tracking low-timeframe (LTF) marketplace conditions, meanwhile, chap trader Skew suggested that a expanse of precocious longs could effect successful an introduction accidental anterior to upside resuming.

“I fishy longs are starting to fomo successful present astir $30K,” helium told X subscribers alongside a illustration of speech bid publication information arsenic $30,000 reappeared.

“So if this LTF inclination breaks a bully expanse could beryllium a bully introduction earlier higher wouldn't beryllium amazed to spot thing similar this play out.”

BTC/USD bid publication data. Source: Skew/X

Forecast expects "mass adoption," Bitcoin ETF approval

In an optimistic longer-timeframe view, trading squad Stockmoney Lizards predicted that absorption instantly supra $30,000 would soon crack.

Related: Hodling hard: Bitcoin’s semipermanent investors ain implicit 76% of each BTC for the archetypal time

Updating a illustration fractal comparing BTC/USD successful 2023 to its 2020 breakout, analysts argued that the clip for important upside was now. An support of the United States’ archetypal Bitcoin spot terms exchange-traded money (ETF) would signifier the clinch factor.

“31/32k volition interruption soon,” portion of accompanying commentary read.

“P.S.: Many of you volition erstwhile much say: ‘But 2020 was aft halving, present we are before’ — answer: doesn't matter. This twelvemonth wide adoption / ETF support volition beryllium THE driver.”

Stockmoney Lizards referenced the upcoming block subsidy halving scheduled for April 2024.

BTC/USD comparative chart. Source: Stockmoney Lizards/X

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