[블록미디어 이제인] The price of Bitcoin has hit $64,360, the highest in the past two weeks, raising expectations for an upward trend. Leading cryptocurrency analyst Michaël van de Poppe predicted that Bitcoin (BTC) could reach $90,000 within a few weeks if it breaks a key resistance level.
In his latest analysis, van der Pope explained that Bitcoin is hovering between $62,000 and $66,000. Although this price range is not as strong as many traders expected, it is possible that there could be a sharp change after a long period of price stagnation.
According to his chart analysis, Bitcoin is forming higher highs and lows, showing the possibility of a breakout. “If Bitcoin breaks through this important resistance level, we could see a sharp rise in the price within a few weeks, possibly reaching $90,000,” van der Pope said.
# Possibility of fund inflow into cryptocurrency market with Federal Reserve interest rate cut ↑
October was a bit of a difficult month for Bitcoin, but historical data shows that Bitcoin tends to hit lows between October 7 and 11 and then rise. Traders’ attention is focused on this fourth quarter as important events are scheduled.
In particular, as the possibility of the U.S. Federal Reserve (Fed) cutting interest rates by 25 basis points has been raised, the possibility of funds flowing into volatile assets has increased. FedWatch forecasts an 88.2% chance of a 25bp interest rate cut at the Federal Reserve meeting on November 7.
[11월 7일 FOMC 금리 전망, Fedwatch]Cryptocurrency regulation discussions related to the upcoming US presidential election are also having an impact on the market. According to predictions, former President Trump is expected to take a more positive stance on cryptocurrencies, while Vice President Harris is likely to take a more cautious approach.
The fear and greed index recently recorded 48 and remains neutral. This index is measured between 0 and 100, with values below 50 indicating bearish sentiment and values above 50 indicating bullish sentiment. On the other hand, altcoins are undervalued, recording 35 on the Fear and Greed Index, which could provide investors with a potential profit opportunity.
Bitcoin mining cost is also a noteworthy factor. The current mining cost is between $72,000 and $85,000, and with the price of Bitcoin remaining below this range, miners are struggling with profitability. However, if the price of Bitcoin exceeds mining costs, the market may stabilize and the price may rise further.
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