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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: Analyst Expects Upward Move Unless It Falls Below Critical Support
Oct 22, 2024 at 06:15 pm
Bitcoin surged last weekend, meeting the bullish expectations of most analysts. BTC hit $69,363 last Sunday before pulling back as we entered a new week.
Bitcoin price pulled back from highs last weekend as we entered a new week. However, a crypto analyst on the Altcoin Buzz podcast believes the pullback is temporary and expects the cryptocurrency to move upwards.
Analyst: Bitcoin Price Pullback Is Temporary, But…
Bitcoin price began the week with a pullback from the highs, leaving traders wondering what’s next for BTC. One analyst expects the cryptocurrency to continue moving upwards.
Related Reading: Bitcoin Fear And Greed Index Signals Extreme Greed For First Time Since April
After surging past $69,000 last Sunday, BTC price pulled back to lows of $65,000 on Monday. The price recovered throughout the day and began the morning session on Tuesday at around $66,300.
A crypto analyst on the Altcoin Buzz podcast shared his thoughts on the recent price action. Multiple daily candles closing above the $66,000 region have turned the price level into support.
The analyst also highlighted the potential risks of Bitcoin price breaking below this support. While he believes the Monday pullback is temporary, falling below this level could be critical to Bitcoin price, potentially leading to lower price levels.
Solana price pulled back from highs on Monday, but the crypto analyst expects the bullish trend to continue. Solana price rallied over $170 on Monday morning, continuing a several-week uptrend.
The scalability-focused altcoin reached highs of $171 before making a slight pullback. Solana price encountered resistance at around $162, which was previously a support level.
The analyst was surprised that Solana price didn’t retest the $159 level, an occurrence he expected. This development was significant in the bullish environment for Solana.
With this in mind, the analyst expects Solana price to continue in a bullish direction. He anticipates that the altcoin will consolidate sideways after a slight retracement from highs, before continuing upwards.
The analyst predicts that SOL will reach higher levels soon and retest the next resistance at around $183.
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