In the cryptocurrency world, investors are excited as Bitcoin (BTC) is holding steady at $34,525, up 0.88% this Monday. Besides the price movements and positive predictions, a joyful tweet from Elon Musk added more happiness to the crypto community.
Bitcoin Might Surge To $38000 – Josh Olszewicz
Josh Olszewicz, a prominent figure in the world of crypto trading, recently forecasted that the price of BTC might reach around $38,000. The trader pointed out the appearance of a “high n’ tight flag” pattern, which is typically viewed as a bullish indicator in market analysis.
This pattern gets its name from its look: “high” describes the fast, almost vertical price rise, and “tight” represents the following consolidation phase, which seems like a flag on the chart. After a sudden upswing, prices stabilize or move horizontally, creating a platform for a potential breakout. If BTC follows this trend, Olszewicz predicts the possibility of a breakout reaching the yearly pivot point of $38,000.
Moreover, he mentioned the Adam & Eve (A&E) and inverted head and shoulders (iH&S) patterns, indicating that the market is reluctant to move in a bearish direction. Both of these patterns usually indicate positive change. However, he stressed an important caveat: any new sharp decline could disrupt this bullish pattern, potentially pushing Bitcoin’s value toward the $31,000 mark.
trying for a high n' tight flag here, breakout target is yearly pivot at 38k
inside the flag we've got evidence for A&E and iH&S aka market refuses to break down
any new LL = flag is invalidated and we prob see retrace to 31k pic.twitter.com/QLUXBFSDFj
— Josh Olszewicz (@CarpeNoctom) October 29, 2023
Captain Faibik’s Optimistic View On BTC
Popular crypto analyst on the X Platform, Captain Fabik, believes that BTC is well positioned to challenge the resistance zone between $38k and $39k after last week’s rally. However, Faibik also hints at the chance of Bitcoin revisiting the $31,000 support/resistance level. This level holds great importance, and the bulls must defend it vigorously to maintain the upward momentum.
Faibik holds a positive outlook on Bitcoin’s future, highlighting its first weekly close above $31,000 since May of the previous year. As a result, the analyst has set a price target of around $52,000 in the coming months.
$BTC For the first time since May 2022, Weekly candle Closed above the 31k S/R level.
It's possible that #Bitcoin may Retest the 31k S/R level, and now the bulls will need to defend this level.
— Captain Faibik (@CryptoFaibik) October 30, 2023
Elon Musk’s Tweet Sparks Crypto Enthusiasm
Tech entrepreneur Elon Musk bought Twitter in October last year. He tweeted to celebrate the first anniversary of his $44 billion purchase. Musk wrote “Freedom,” referring to his tweet from last year on Oct. 28, where he mentioned “the bird is freed,” alluding to Twitter’s iconic blue bird logo. Musk’s journey to ownership had many twists and turns, involving a significant investment in Twitter shares, a board position rejection, and an initial purchase bid being turned down.
— Elon Musk (@elonmusk) October 27, 2023
He rebranded the site as X, introduced subscription capabilities and monetization, expanded content possibilities, and streamlined operations. As a result, the platform currently has 500 million monthly active users.
Musk’s recent tweet sparked an enthusiastic response from crypto enthusiasts among his 161.7 million followers. While the X boss talked about freedom, the Kraken exchange mentioned the BTC. The exchange said Bitcoin symbolizes financial freedom, just as X tries to represent freedom of speech.
Bitcoin is to financial freedom, as X has aimed to be with freedom of speech 🧡
— Kraken Exchange (@krakenfx) October 27, 2023
Overall, the crypto community thanked Musk for “freeing the bird,” but some critics also voiced their opinions. An X user asked if Musk plans to integrate Dogecoin (DOGE) on X, as he has hinted several times in the past.
Bukele’s Re-election Campaign Boosts Bitcoin’s Positive Momentum
Nayib Bukele, the pro-Bitcoin president of El Salvador, has filed paperwork to participate in the country’s 2024 presidential election set for February. Bukele received overwhelming public support after being officially nominated by his party on Oct. 26.
Due to the government’s support for the Bitcoin initiative and other technology-friendly regulations, the country’s economic landscape has undergone a lot of changes. Gabor Gurbacs, a strategic advisor at VanEck, has highlighted El Salvador’s potential to become a financial hub in the Americas. Around 70% of the country’s voters support Bukele’s Nuevas Ideas party, which is well supported and outstrips its rivals by a wide margin.
El Salvador President Nayib Bukele registered as a candidate with the country’s electoral authority for February’s presidential election https://t.co/ASBbpMGcBT
— Bloomberg (@business) October 27, 2023
In terms of cost, the price of BTC is currently increasing. News of Buckel’s re-election campaign, combined with El Salvador’s continued push for bitcoin, likely helped boost market sentiment, resulting in BTC gaining ground.
Bitcoin Price Analysis
Analysis of the daily Bitcoin chart reveals the pivot point at $33,920, which coincides with the 23.6% Fibonacci retracement level. The nearest resistance levels are at $34,500, then $35,250, and finally $36,150. Anticipated support on the downside includes $33,000, followed by the $32,450 and $31,800 marks.
BTC’s chart patterns show consolidation above the double bottom support at $33,450, with the 23.6% Fibonacci level acting as a barrier against a substantial downtrend. A period of consolidation suggests that investors are waiting for a potential breakout.
In short, Bitcoin’s overall trend is bullish, especially above $33,900. However, a breach below this level could signal a shift towards a bearish trend. It is important to consider technical indicators and market conditions, given the volatility of cryptocurrencies. In the coming days, BTC could test the resistance of $34,500, but investors should be alert and make informed decisions.