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Bitcoin price has jumped 15% this past week to hold well above the $30,000 psychological level.
At the time of writing, it is exchanging hands for $34,081, down a fraction in 24 hours as the king of crypto continues to hold firm after a sharp rise.
Meanwhile, analysts have observed a changing Bitcoin structure and momentum, tilting towards the upside.
#Bitcoin BULLISH MOMENTUM
Market structure and Momentum indicators show that #BTC momentum has changed big time.
It sure took its time. But it’s worth it. pic.twitter.com/tG10HqWtqd
— Titan of Crypto (@Washigorira) October 27, 2023
With the change in structure, investors prefer to exercise caution, using the opportunity to study the trend, with hopes of joining the likes of Michael Saylor who is reaping big after his $5 billion Bitcoin bet panned out big time.
When your $5 billion bet pays off. #BTC pic.twitter.com/PVG8fKXqbY
— The ₿itcoin Therapist (@TheBTCTherapist) October 28, 2023
It is worth it to note that while there remains confusion about the hind wings of Bitcoin price, three narratives stand out.
First, Jerome Powell’s speech last week Friday at the Economic Club of New York, where the Federal Reserve Chair spoke of the rising yields on long-term US treasuries. He also hinted of the Fed possibly seeing its way to pausing its interest rate hikes during the next meeting expected on November 1. Secondly, the Bitcoin halving, 186 days out as the countdown to April 2024 continues, and finally, speculation of a spot BTC exchange-traded fund (ETF) launching soon.
Now, investors have their eyes peeled on the $40,000 target with a bullish technical formation already in play.
#Bitcoin Bull Pennant #BTC is now progressing in an inside bar. No direction until the short term range between $34.1k – $34.5k breaks.
Two scenarios.
After the Katana detachment, Tenkan and Kijun flattened. It’s a sign of weakness. A pullback to Tenkan and… pic.twitter.com/reyNSIufOI
— Titan of Crypto (@Washigorira) October 27, 2023
Bitcoin Price Eyes $40,000 As BTC Chart Forms A Pennant
Bitcoin price action over the last ten days has led to the formation of the pennant on the daily chart. The candlesticks between October 19 and October 24 form the flagpole, while the pennant itself comes following the pullback and consolidation between October 25 and October 28. With this, the expected breakout point is anticipated to be above the $31,403 level.
The Relative Strength Index (RSI) above 50 shows strong bullish momentum, coupled with the positive Awesome Oscillator (AO) and its associated histogram bars flashing green.
The Tekan (at $31,929) and Kinjun (at $30,909) indicators also support the bullish outlook. They are reputed for enhancing the visual perception of an asset’s price action. With Tekan rising at $31,929, it is a show of growing strength after a period of being flat (a show of weakness).
With this outlook, a breakout, and therefore activation of the pennant, could catapult Bitcoin price, first clearing the range high at $35,280 before foraying above the $36,000 psychological level. In a highly bullish case, it could send it to the $40,000 psychological level. Such a move would constitute a 20% climb above current levels.
On the other hand, profit booking could send Bitcoin price south, with bearish targets standing a $31,690, or in the dire case, a drop to the $29,713 level. With this outlook, it is impossible to overlook the RSI moving south, which points to fading momentum. This coupled with the fact that at 81, BTC is massively overbought, increases the chances for a slump.
As such, investors should not be surprised if Bitcoin price pulls back before rising again.
#BTC sends mixed signs in the immediate short term. It’s pretty even right now that’s why I shared both scenarios. I think a pullback could happen before it #Bitcoin resumes its race. Tenkan & Kijun might attract the price. But let’s see first where the inside bar breakout…
— Titan of Crypto (@Washigorira) October 27, 2023
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#BTCMTX provides a secure cloud mining platform for all #Crypto users.
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— Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
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Celebrating another achievement at #BitcoinMinetrix!
Surpassing the $2,400,000 mark! pic.twitter.com/zDmc7wlKAs
— Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
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Smooth upgrades#Bitcoin #CryptoMining pic.twitter.com/ZxRDAzqj6m— Bitcoinminetrix (@bitcoinminetrix) October 27, 2023
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