Bitcoin has one barrier to clear before BTC price rallies to new all-time high

Experts have argued that the odds of catching the perfect Bitcoin bottom are now lower than winning a lottery ticket.
Analysts believe that $64,000 is the barrier BTC price needs to overcome would propel BTC to a new all-time high.
Bitcoin futures data from OKEx reveals that retail traders expect further BTC upside in the ongoing bull run.

Analysts expect Bitcoin price action to turn bullish after multiple altcoins hit new all-time highs. Bitcoin supply on exchanges has continued dropping despite large wallet investors shedding their holdings.

Analysts predict that BTC price will continue rally to new all-time high

With Ethereum, Solana and Shiba Inu hitting new all-time highs, analysts expect Bitcoin price to make a comeback above $64,000. Michaël van de Poppe, a cryptocurrency analyst and YouTuber, believes that Bitcoin price action will turn bullish.

In a recent YouTube video, the analyst argues that $64,000 would propel Bitcoin price to new all-time highs against USD Tether. The analyst considers this a critical level for Bitcoin to make a comeback.

Michaël van de Poppe states,

We’re still chopping between $58,000 and $64,000, and that $64,000 area here is the crucial area that we should be breaking through if we want to get to a new all-time high.

Bitcoin’s recent comeback above $61,000 was key to the bullish narrative for BTC price. A year-end target of $100,000 for Bitcoin is considered a bearish or “worst-case scenario” by on-chain analysts, based on the recent price trend and the upcoming Taproot upgrade.

Plan B, an on-chain Bitcoin analyst, recently tweeted:

Like clockwork pic.twitter.com/SBjFgdmAyy
— PlanB (@100trillionUSD) November 2, 2021

The analyst argues that his proposed model for BTC price prediction works like clockwork; therefore, BTC $100,000 is likely before the end of the current bull run.

While proponents are awaiting a drop in Bitcoin price, analyst @crypto_birb believes that the odds of catching the perfect bottom in BTC are lower than winning a lottery.

About 4 months ago I was publicly calling $BTC reversals and everybody thought it was bear market. Those are all gone or liquidated for life now https://t.co/7YveZOYyHv
— CRYPTO₿IRB (@crypto_birb) November 5, 2021

FXStreet analysts have evaluated the BTC price trend and predicted that Bitcoin is likely to consolidate further; the asset has found strong support.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.