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Bitcoin Price Analysis: Will BTC Price Hit $21K This Week?

1 Nov, 20223 min readAnalytics
Bitcoin Price Analysis: Will BTC Price Hit $21K This Week?

The current Bitcoin price is $20700 as a result of yesterday’s significant price increase and the subsequent bullish momentum over the last few hours. Thus, we anticipate BTC/USD will continue to rise and aim for the next resistance level of $21,000.

BTC currently is on a bullish trend on the time of writing as the bulls try to push BTC to $21000 by hitting the $20500 resistance level. On Friday, a positive momentum immediately emerged following a locally higher low. Rapid growth brought the BTC price above the important resistance level of $20,700.

From there, Bitcoin swiftly tested support at the $20,000 level before quickly reversing upward. Since then, the BTC/USD price has risen significantly, reaching a resistance level of $21,000 that, if broken, would be a very strong positive signal for the next weeks.

The #Bitcoin Mayer Multiple is over the 0.8 level for the first time since early May 2022.As price ranges & the 200 day moving average declines, we see the MM increase out of the 'oversold' range.Historically, MM values below 0.8 were oversold & above 2.4 were overbought — On-Chain College (@OnChainCollege) October 30, 2022

According to on chain college a popular analyst on twitter clearly states that the mayer multiple is over the 0.8 level today since early may 2022 .When prices are above a long-term moving average (MA), the Mayer multiple is typically regarded as a bullish indicator .

BTC the price is significantly higher than a long-term moving average this becomes a clear indication that BTC has become overbought.

The price of bitcoin is now at historically oversold levels, as the data indicates, and it is assumed that a bottom is in sight. However, the price of bitcoin is still potential of falling farther away from the 200-day MA, which is currently lying at $20,700.

Furthermore, The start of a bull market would be confirmed if BTC generates a Mayer Multiple above 1.The analyst still says that its not a sure bet that the bull run starts now as the prices may further drop and MM can drop also.

conclusion

According to the research of the price of Bitcoin, the pair will have further sideways price movement over the next few days. As the poor volume data further undermines the bulls’ confidence, the consolidation will only benefit the bears. The small bullish rise would terminate if it closed below the $20,000 mark.

A rising ascending price channel is what was anticipated in the coming days. The lower price goal for Bitcoin is $20,000, and the price analysis is quite optimistic. The next price channel-lowering goal for the bears is $19000.

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