After Bitcoin (BTC) traded below $63,000, famous cryptocurrency trading experts shared their Bitcoin and market predictions. Interestingly, the pseudonymous Dutch crypto trade analyst Plan B, whose stock-flow price prediction model predicts that Bitcoin will reach six figures by the end of 2021, said on Twitter on October 26: “Bitcoin bull market, 2nd leg run. started. ”
Similarly, certified technical analyst CryptoBirb agreed with his colleague and urged his followers to close their Bitcoin open positions before it was too late. In the latest Bitcoin and market update, according to the analyst:
The volume profile of the local pullback shows that 63.3k is the main resistance and a daily close above 63.3k should make it easy for Bitcoin to break the new ATH straight back to 70k. Once Bitcoin crosses the 70,000 milestone, the momentum will increase insanely and also cause a snowball effect, as it gets stronger, more people and institutions will FOMO for higher returns and the continuation of the trend.
Bitcoin Price Analysis
While the volatility of the cryptocurrency implies that it will face a major drop at some point, this is not an inevitable outcome. It seems that last week's drop below $60,000 was truly temporary, and despite the $45 billion breakout on Oct. 22, Bitcoin seems to be holding firm.
Currently, Bitcoin price is trading above $63,500, down 0.5% in the last 24 hours and 0.10% in the previous seven days, according to CoinMarketCap.com.
In addition, one of the most important reasons for the Bitcoin price to hold strong seems to be the partnership Bakkt made with payment giant Mastercard in the past few days.
The payments giant described cryptocurrencies as an “important part of the payments world” and announced that it is stepping up its work on integrating them into its network.
Bakkt's collaboration with banks, fintech and merchants will make it possible to offer customers the option to buy, view and store Bitcoin and other cryptos, along with the opportunity to receive rewards in cryptocurrency.