Categories: Ethereum

Bitcoin Price Consolidation “Could End,” Says Traders As Ethereum, Polkadot Hit

Bitcoin (BTC) is fit to continue its bull cycle, says new analysis, as BTC / USD retains 2.2% daily gain.

BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

See $ 62,500 BTC price popup

As data from Cointelegraph Markets Pro and TradingView track Bitcoin’s best day in a week, confidence in higher levels grows.

Early Wednesday, the largest cryptocurrency abruptly broke out of a sideways trading channel and added nearly $ 2,000 in just over an hour.

Amid calls for a possible breakout, prominent trader Pentoshi believes that $ 62,500 may be the only chance for buyers to “buy on the downside.”

“$ BTC is a great bidding zone to add any pullback to 62,5,000” to advise Twitter followers with an accompanying chart.

“Looks like the consolidation is over and ready for another trend.”

The chart is provided with BTC / USD. Source: Pentoshi / Twitter

With Mauerstr. With the opening close, the confidence of market participants is evident, with analyst TechDev calling for a march above the all-time high of $ 67,100.

Related: 11/1 Price Analysis: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Ether (ETH), the largest altcoin by market capitalization, hit a new all-time high of $ 4,482 on Wednesday, days after its previous record.

ETH / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

The top ten cryptocurrencies by market cap are led by Polkadot (DOT), which rose 15% over the day to $ 52 – an all-time high after its own October rally.

https://twitter.com/TechDev_52/status/1455472851805511682?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Bitcoin actually reached a “worst-case scenario” at the end of the month in October, so of course still almost 100,000 US dollars at the end of the month.

New all-time highs for ETH and DOT

The bullish sentiment is also coming from a resurgent altcoin sector.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.