Bitcoin
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is gaining momentum, opening the week with a 6.4% rally and pushing the asset above the $70,000 mark alongside a 63% surge in trading volumes.
10x Research states that the week ahead will be crucial in determining Bitcoin’s next 15,000-point move.
Bearish factors: Negative Bitcoin ETF flows for five consecutive days, a drop in altcoin and meme coin volumes mainly in Korea (from $16 billion to $3 billion) and lower Bitcoin funding rates.
Bullish factors: Central banks turning dovish, the upcoming Bitcoin halving event, potential reversal of ETF flows and a bullish risk-assets environment.
Also Read: Bitcoin ‘Could Decline To $63,000,’ Says 10x Research Report, While Ethereum Faces Challenges
Next Move: A narrowing triangle formation and a break to either side will determine the direction of the next 15,000 price move.
“The next implied move can be 10,000, 20,000, or 30,000 points higher or lower from the moment of the break — which will occur this week,” 10x Research states. Its first downside target of $63,000 was hit by Bitcoin and retested multiple times. The second downside target of $59,000 was not reached as Bitcoin is moving upwards towards upside targets of $83,000 and $102,000.
With the Bitcoin Halving event nearing and Bitcoin prices rallying, Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, will bring industry leaders and investors together to discuss the future of digital asset investments.
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Expect To Buy Dips, Not Necessarily Sell Rallies
With the current Fed signaling acceptance of higher inflation for a longer time and an interest in slowing down quantitative tightening, this could turn into a typical election cycle rally. Similar rallies occurred in 2012, 2016, and 2020 when Bitcoin’s movement showed higher momentum of 100-200%.
“We should, therefore, expect to buy dips instead of necessarily selling rallies.”
The market is likely to focus on the Fed’s dovish comments and switch to “bullish sentiment again.”
From 2018 to 2019 period, the Fed initiated cuts due to lower growth, while the current rate-cutting cycle will occur despite the Fed being optimistic about growth. This sets up a very bullish scenario for risk assets, including Bitcoin.
What’s Next: 10x Research sees another important level at $68,300. Once this level is retested and broken, it will be pivotal to watch. "Be ready to travel with the break of the triangle," the report reads.
With less than a month until the Bitcoin Halving event, traders will need to decide if Bitcoin is a good investment.
