Bitcoin Price Prediction: Will BTC Reach a New All-Time High of $84,510?

On October 30th, Julio Moreno, head of research at CryptoQuant, shared an optimistic forecast. He mentioned that the Bitcoin price might reach a new all-time high of $84,510.

Bitcoin price recently attempted to push past its former peak of $73,600, which the token reached on September 29. However, BTC failed to maintain momentum and dropped by 6.55% to reach a low of $68,777 on November 2.

This decline occurred amid a broader market pullback and uncertainty surrounding the U.S. elections, sparking concerns that BTC’s October gains could be at risk.

With prices hovering near critical support levels, market participants are questioning how far the Bitcoin price might fall if it loses the $69,000-$70,000 range.

One analysis recently posted a Bitcoin price chart on X, which showed that the recent downtrend could lead BTC to retest support around $65,000 before resuming an uptrend.

Expect #Bitcoin volatility in the coming days! 🚨 With the #FOMC meeting and US #election looming, anticipate big swings but hold tight for clarity post-7election. Let's navigate this week with caution and keep our eyes on the prize! 🧐💰 #CryptoStrategy

The chart also highlighted strong volume levels just above $65,000, suggesting significant buying interest there. However, it showed a possible deeper drop if the Bitcoin price loses support at the $69,000 level.

AlphaBTC noted that traders might need to wait for the U.S. election results and the FOMC’s decision on rate cuts to determine the market direction more clearly.

#Bitcoin is retesting this previous level of resistance as support.

If we can’t hold this, we might be f***ed… pic.twitter.com/dl9TfTco0C

Analyst Crypto Rover agreed, warning that a break below $69,000 would be challenging for Bitcoin holders.

Could This Be A Trigger: As MicroStrategy Seeks to Raise $42 Billion to Increase Bitcoin Holdings

Being the largest publicly traded company with Bitcoin holdings, MicroStrategy recently announced plans to raise $42 Billion to expand its Bitcoin reserves. This initiative is part of their “21/21” plan, which seeks to generate $21 Billion each through equity sales and fixed-income offerings.

Co-founder and Chairman Michael Saylor stated that MicroStrategy aims to transition into a Bitcoin-centric financial services firm.

This plan supports their ongoing strategy to accumulate more Bitcoin, with previous investments totaling over $4 Billion. The company’s approach has pushed its stock to new all-time highs.

Bitcoin Market Price Overview

The Bitcoin price has pulled back as it tests a significant supply zone, which created strong pressure on the short-term trend. Volatility remains high, with Bitcoin recently attempting to surpass its yearly high.

To reach beyond $74,000 to set a new all-time high. However, this push met resistance, indicating possible exhaustion in the rally.

Bitcoin’s price outlook depends heavily on maintaining support above $69,000. A breakdown below this level could worsen the market outlook.

But discussions online revealed optimism, as analysts shared various theories suggesting that Bitcoin might still reach new highs.

At this point, with the Bitcoin price in uncertain territory, investors should avoid FOMO and focus on thorough research.

The views, and opinions stated by the author, or any people named in this article are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.