Bitcoin, the biggest digital asset, has caused a wave of excitement in the crypto space!
After a deep slumber, it’s awakened with a roar, surging to the highest point in two weeks, hitting an impressive $64,289. While leading crypto analyst Michael van de Poppe hints at a bullish run, excitement is building. In his latest analysis, he highlighted important resistance levels and key signs that could spark a big price surge. Can Bitcoin break through these barriers and keep climbing?
The stakes are high, and the possibilities are endless.
Key Bitcoin Price Levels to Watch
Van de Poppe points out that Bitcoin has been stuck between $62,000 and $66,000, a range that hasn’t lived up to many traders’ expectations.
Despite the lack of big moves, he believes this prolonged stagnation—lasting over 200 days—could set the stage for a strong breakout, as history shows that long periods of little change often lead to sharp price swings.
Chart patterns reveal that Bitcoin has been forming higher highs and lows, a promising sign for a potential breakout. If the cryptocurrency can break above the key resistance levels, its price could quickly rise, potentially hitting $90,000 within weeks.
An October Rebound Could Be Coming!
Although October has been rough for Bitcoin so far this year, history suggests the asset usually bottoms out around October 7th to 11th. This pattern could indicate that a price boost is on the horizon. As we enter the final quarter of the year, traders are closely watching for potential triggers.
One such trigger could be the Federal Reserve’s expected decision to cut interest rates by 25 basis points. A rate cut could drive more investment into riskier assets like Bitcoin, potentially lifting prices further.
On top of that, the upcoming U.S. elections are shaking up the crypto market, as discussions about digital asset regulation are heating up. Predictions indicate that former President Trump could be more favorable to crypto, while Vice President Harris might adopt a more cautious approach.
Fear & Greed Index Slips
On the flipside the Fear and Greed Index has shown a slight improvement, now sitting at 48. This is considered neutral on a scale from 0 to 100. While anything below 50 suggests bearish sentiment, a score above 50 leans bullish.
But that’s not a similar scenario for altcoins as they are currently undervalued, scoring 35 on the Fear and Greed Index. This low score signals potential gains for altcoin investors.
Mining Costs Pose Challenges for Bitcoin
A key factor affecting Bitcoin’s market is the cost of mining, currently ranging from $72,000 to $85,000. With the price below these levels, miners face profitability issues. However, if Bitcoin’s value climbs above these costs, it could help stabilize the market and push prices higher.
As traders monitor these indicators, the next few weeks could be pivotal for Bitcoin. The combination of technical signals, economic events, and political factors may shape the cryptocurrency’s path forward.
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Source: https://coinpedia.org/news/bitcoin-hits-two-week-high-top-analyst-says-90k-surge-could-be-just-weeks-away/