The bulls hold the upper hand over the bears as Bitcoin faces sideways price resistance. In the middle, traders are expecting a ‘big move’ and a ‘Moonvember’ for Bitcoin. In the middle, Bitcoin’s ‘double bottom’ NVT signal is getting bulls excited.
According to analysts, Bitcoin will make a big move in Moonvember
Considering the NVT Signal, a big move is coming for BTC, according to the analyst nicknamed Mustache. The analyst says that we will see a big green candle very soon, considering that the BTC price has increased by ~450% on average over the last 3 years.
Bitcoin NVT signal analysis / Source: Mustache
Earlier, Mustache published his analysis of the Wyckoff Technique, with a chart where Bitcoin is actually advancing to $30,000 in 2023. “Because he has rarely seen such an accurate model in almost 1.5 years,” the analyst said.
Wyckoff Method Bitcoin analysis / Source: Mustache
At the same time, analyst PlanB shared a chart showing the percentage of BTC on his profit chart on October 30. According to the analyst, he noted that he expects Bitcoin to make a big move in ‘Moonvember’ (November).
CryptoQuant analyst Dan Lim states that the biggest Bitcoin whales remain in ‘hodl’ mode. The analyst says this is because the token supply in the mid-month to three-month period is slowly decreasing until recently. In this context, the analyst notes:
Although it is not as strong a move as the beginning of the bull market, if investors respond with DCA or if we divide the purchases according to each case, there is a high probability of sufficient results in the end.
“BTC will move sideways as contention continues”
Koindeks.com As you follow, Bitcoin (BTC) gave signals to pass the $21,000 level. However, later on, he made some further corrections in the early process hours of October 31st. However, BTC remained above critical levels. In the wake of the small drop, senior analyst Jim Wyckoff suggests there is a ‘general near-term technical advantage’ over the bears. In addition, the analyst says that Bitcoin bulls are still under control.
In conclusion, based on the recent price action, Wyckoff notes that investors should expect Bitcoin to trade sideways as a drag amid the bulls and bears continues. Based on this, the analyst makes the following statement:
There is a novice price uptrend on the daily bar chart. The bulls still have the overall short-term technical advantage to suggest that the path of least resistance for prices will be sideways true higher in the near term.
BTC technical analysis
Crypto analyst Paul L makes the following assessment regarding the technical outlook of BTC. Following the correction, Bitcoin specs look shaky with the summary aligned at loaded neutral and mid-buy. Remarkably, ‘neutral’ is at nine. ‘Buy’ is represented by 10. For moving averages, ‘buy’ ranks first out of nine. Also, oscillators are basically ‘neutral’ at eight.
In addition, Bitcoin has always seen the process above $ 20,000 for the first time since the beginning of September. However, it still faces the possibility of high volatility. It is worth noting that, in the background of the prevailing macroeconomic factors caused by inflation and increases in interest rates, Bitcoin is progressing together with stocks.
“Bitcoin repeats itself in 2022”
Some analysts said that in recent days, Bitcoin faced a “double top” with two spikes above $21,000. It means fall. The falling volume indicates that the bulls cannot turn the level to support and many are waiting for new macro lows to follow.
However, the alternative new analysis provides a more optimistic perspective. For analyst Stockmoney Lizards, the similarities between 2022 and mid-2018 are hard to ignore. “Bitcoin repeats itself,” he summarizes alongside a comparative BTC chart. This chart compares what happened after Bitcoin reached its ATH level of $20,000 in 2017 and $69,000 in 2021.
The chart shows that following a one-year bear market, BTC is approaching macro-bottom levels, for example in both 2018 and 2022. Therefore, the June trip to $17,600 and the lows in the first half of October, it is actually possible to have a ‘double bottom’ for Q4 2018 and the first half of 2019. If this turns out to be true, the next logical step will be upside. However, Bitcoin needs to avoid another capitulation event.