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According to the BTC/USD chart, Bitcoin's price reached $68,000 in mid-October, a level not seen since late July. Can this upward momentum continue?
Jeff Kendrick, head of digital asset research at Standard Chartered Bank, predicts that Bitcoin could rise to $73,800 before the US presidential elections in November, which would mark a new all-time high.
Kendrick highlights several factors that may drive Bitcoin's price higher:
→ Less stringent regulation: A more favourable regulatory environment, as indicated by recent news regarding BNY Mellon's accounting practices, could benefit Bitcoin's price.
→ MicroStrategy's ambitions: The company plans to transform into a "Bitcoin bank," potentially enabling it to generate revenue by lending cryptocurrency in the future.
Today's technical analysis of the BTC/USD chart reveals:
→ The price is forming a long-term upward channel (shown in blue).
→ Since March, price fluctuations have created a downward channel (shown in purple), which may be seen as an interim correction within the main bullish trend. Technical analysts might refer to this as a "bullish flag" pattern.
→ A significant price increase on October 14 led to the formation of a bullish Fair Value Gap (FVG), indicating buyer dominance over sellers.
Given these factors, it is reasonable to expect that the $63,000 to $65,000 range could serve as a launchpad for bulls aiming to break through the multi-month resistance represented by the upper boundary of the purple corrective channel.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service (additional fees may apply). Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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