Bitcoin’s Action-Packed Showdown: Will it Crack $30,000?

Bitcoin Price Surges to 2-Month High, Analysts Predict Breakout Above $32K in Near Future

BTC price hits 2-month high as bet on Bitcoin breaking $32K ‘soon’ grows.

Bitcoin (BTC) has once again stolen the spotlight, reaching a thrilling $30,000 on October 20. This action-packed performance has left analysts at the edge of their seats, eagerly awaiting the weekly close to determine if this rally has true staying power.

For the co-founder of the monitoring resource Material Indicators, Keith Alan, there is one key aspect to watch: the 100-week moving average (MA) at $28,627. Alan writes in an X post, “This move is one to watch, but what I’m watching for right now is to see if this Weekly candle closes above the 100-Week MA and if next week’s candle can stay above it with no wicks below.”

In other words, we’re awaiting confirmation of a bull breakout. However, as we all know, the cryptocurrency market is full of surprises, with squeezes and fake outs lurking around every corner. So, Alan insists on more confirmation, and for Bitcoin to take out prior resistance at $30.5k, $31.5k, and ultimately, $33k to officially declare a bull breakout.

While we wait for the verdict, let’s also keep an eye on the required support zones. The popular trader Pentoshi highlights $28,900 as the line in the sand for bullish investors.

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Meanwhile, fellow trader Skew suggests that a sweep of late longs could present an entry opportunity before the upside momentum resumes. According to Skew, “So if this LTF trend breaks, a nice sweep could be a pleasant surprise before we skyrocket.”

The Future Holds “Mass Adoption” and Bitcoin ETF Approval

In an optimistic longer-term view, the trading team Stockmoney Lizards predicts that Bitcoin will crush the resistance just above $30,000. They argue that a comparison between BTC/USD in 2023 and its breakout year in 2020 hints at significant upside potential. And what could serve as the ultimate driving force? The approval of the United States’ first Bitcoin spot price exchange-traded fund (ETF).

According to Stockmoney Lizards, this year, mass adoption and ETF approval will be the game-changers. They even reference the upcoming block subsidy halving scheduled for April 2024. So, hold on tight, folks! The future of Bitcoin promises an exhilarating ride.

What do you think of Bitcoin’s current performance? Will we witness a breakthrough above $30,000? Share your thoughts in the comments below!

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