- Bitcoin price has broken away from the stock market and surged to a 17-month high of over $34,000.
- Analysts are predicting that Bitcoin will soon hit the $40,000 level, as it faces a crucial weekly and monthly close.
- BTC has “plenty of fuel” left in the tank for a move higher to $40K, according to popular analyst Kaleo.
- Breaking through $32K was a big deal, according to macro analyst Matthew Hyland.
- The bears will only win if the weekly and monthly candlesticks close below $34,101.
Bitcoin price, from the beginning, has had an observed correlation to some equities, indexes and stocks.
However, sometimes, the flagship cryptocurrency breaks away and makes amazing price movements to the upside.
According to the charts, Bitcoin has shown remarkable strength in the past month.
The flagship cryptocurrency has broken away from the stock market and has surged to a 17-month high of over $34,000. A
Analysts continue to argue about BTC’s next stop in terms of price movement. However some of the most popular is that BTC will soon hit the $40,000 level, as it faces a crucial weekly and monthly close.
Bitcoin Price Holds Steady Above $34,000
After an initial break above $30,000, the bulls pushed firmly against the bears and eventually got BTC to the promised land above $35,000.
However, $30,000 wasn’t the major resistance to break through. According to TradingView, July’s $32,000 high was the trigger for the Bitcoin price rally.
And as soon as Bitcoin price broke past this price level, its price rallied straight up to $35,280.
This time, however, the weekly and monthly candle closes are due in a few days and will determine how November begins for Bitcoin.
Bitcoin Price May Range Between $35,000 and $38,000
According to a recent tweet from popular trader Daan Crypto Trades, BTC will likely stay in the $33-35K range for some time, with “possible sweeps” of either level.
However, Material Indicators has an even more bearish prediction for BTC.
According to the on-chain price tracking platform, BTC still has a chance of declining further down.
According to Material Indicators, only a break above $38,850 can save BTC investors from this coming drop.
Bitcoin Price Outperforms S&P 500 by 48%
While Bitcoin has gained 36% against the US dollar since the September lows. It has also outperformed the S&P 500 index by 48% in the same period.
This shows remarkable strength and that BTC has finally decoupled from equities, as many investors had anticipated.
The chart above is from a tweet by Kaleo, a popular analyst on Twitter.
According to a recent tweet from Kaleo, BTC had “plenty of fuel”left in the tank for a move higher to $40K.
“This chart is one of the reasons I still think there’s plenty of fuel left in the tank for a move higher to $40K”
According to a tweet from another trader and macro analyst Matthew Hyland, BTC breaking through $32K was a big deal.
“Not sure how anyone could look at this #BTC chart objectively and conclude that breaking through $32k is no big deal”
Hyland cites the $34,101 resistance and says that the bears have only a few options left.
The bears will only win if the weekly and monthly candlesticks close below $34,101.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.