BTC is trading around $ 13,500 - what next?

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Tokeneo
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3 min reading

Ever since the oldest cryptocurrency briefly surged above $ 14,000 on Saturday, its chart has seen a twist. BTC plunged towards $ 13,500 - but did not touch this line. The current price for one Bitcoin is around $ 13,525 - what are the forecasts and opinions of market analysts?

The most important information:

On October 31, BTC reached its highest level since January 2018, reaching $ 14,028 per coin

  • The cryptocurrency ended last month in a 28% increase, rising from under USD 11,000 to over USD 13,000
  • Well-known market commentator - Peter Brandt emphasized that for a long time the Bitcoin session has not been closed as high as on Saturday. In his opinion, this is an important element as the end-of-month valuation of assets is how institutional investors evaluate their investments
  • Emotions in the Bitcoin community remain high - fear and greed indicator signals greed
  • Max Keizer claims that BTC has the best chance of surviving the presidential election in the United States without a collision
  • BTC rate - end of the month above 13 700 USD

Bitcoin currently trades in the region of $ 13,525 per coin. After the cryptocurrency climbed above the $ 14,000 mark, its rate weakened slightly, but remained above the $ 13,500 line. October turned out to be optimistic for this cryptocurrency - it recorded a 31-day profit of 28%. Moreover, the session at the end of the month closed above $ 13,700.

According to a well-known trader and market commentator Peter Brandt, this is a positive indicator. In one of his tweets, he wrote that such a high valuation of the asset at the end of the month reflects the optimistic attitude of institutional investors.

Peter BrandtSource: Twitter/@PeterLBrandt

Looking at the emotions that prevail among the Bitcoin community, we can see that it has been greed for a long time. Recently, many people have argued that it can fuel FOMO - the fear of not buying BTC when its price goes up. This situation can be used by more experienced market participants by realizing their profits ...

Yesterday's session on the chart of the oldest cryptocurrency was closed with a slight negative of 0.32%. In terms of the 24-hour range, this cryptocurrency recorded a loss of 1.61%.

Bitcoin as the ultimate winner after the US presidential election?

According to the American reporter - Max Keizer, the oldest cryptocurrency will turn out to be the final winner after the presidential election in the United States, regardless of the result. In his opinion, it is an asset that does not have a real correlation with stocks, bonds, commodities or gold. Bitcoin is also not affiliated with political parties in any way. Therefore, it has the best chance of surviving these turmoil.

See also: Cryptocurrency Rates: ETH and Altcoin Prices Down

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