Bitcoin breakout: why some analysts think BTC could hit $30k in the next two weeks
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, surged by more than 5% in the last 24 hours as it pushed past its resistence level to trade around the $20,600 mark.
BTC enjoyed a short upward trend on 25 October, which saw the price increase from $19,280 to $20,240, before surging even higher to hit highs of $20,677.
Bitcoin’s rally signalled a bullish sentiment that left analysts wondering whether the cryptocurrency will continue to rise in price.
The global crypto market cap also bounced back above the $1trn mark, up 6.9% in the last 24 hours at $1.02trn, as per data from CoinGecko.
Ethereum rises by 10%
Other cryptocurrencies also enjoyed a day in the green, with ether (ETH) up more than 10% over the past 24 hours. At the time of writing, ETH was changing hands at $1,527, an increase of 13.3% in the past 24 hours.
The price of dogecoin (DOGE) also witnessed a short rally on 26 October, trading at around $0.065, up 12%. Polygon (MATIC) also rose significantly as the price neared the $1 mark.
DOGE to USD
What is your sentiment on BTC/USD?
What next for BTC?
Analysts have weighed in on whether BTC could continue its bearish behaviour with Michaël van de Poppe, CEO of trading firm Eight, claiming that BTC “could outbreak significantly”. He tweeted:
“Within two to three weeks, bitcoin will break out significantly. My take is the upside. My guess is probably $30,000.”
On the other hand, analysts have also linked the spike to a short-term run with the price influenced by the news surrounding the decision by UK lawmakers to recognise cryptocurrencies as financial instruments.
BTC entered 2022 trading around the $46,000 level, but the cryptocurrency’s price been on a steady decline ever since, and has been trading around $20,000 range since June this year.
Within 2-3 weeks, #Bitcoin will break out significantly.
— Michaël van de Poppe (@CryptoMichNL) October 24, 2022
My take is the upside.
My guess is probably $30K.
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