Bitcoin Price Prediction as BTC Breaks $20,000 – Time to Buy?

Bitcoin remained bullish during the European session, up more than 5% over the past 24 hours, trading at $20,475 per coin. The total value of all cryptos has increased by $66 billion, or +7%, to $994.06 billion in the past 24 hours. As a result, the rest of the cryptocurrency market rose, with many coins posting double-digit gains.

A series of fundamentals have made Bitcoin bullish, can we expect BTC to rise further, is now a good time to buy? Let’s find out.

US Stocks Rally to Keep Bitcoin Supported

U.S. stock indexes rose, extending a market rally that has pushed the Dow Jones Industrial Average to a six-week high. U.S. stocks rose for a third straight day as U.S. Treasury bond rates fell on subdued consumer confidence data and heightened concerns about the cost of living.

S&P 500 Price Chart – Source: Tradingview

The Nasdaq Composite gained more than 246 points, or 2.3 percent, to $11,199, while the S&P 500 gained more than 60 points, or 1.6 percent, to $3,859. The Dow Jones Industrial Average rose more than 335 points, or 1.1%, to $31,836.

After a string of gains to fight inflation, markets are now welcoming the possibility of the Fed easing policy. The rise in stock prices appears to be driving the value of cryptocurrencies higher.

Bitcoin Price Prediction – Is it time to buy?

The current Bitcoin price is $20,578 with a 24-hour trading volume of $65 billion. Bitcoin has gained more than 5% in the past 24 hours. CoinMarketCap is currently No. 1 with a real-time market cap of $394 billion, up from $388 billion during today’s Asian session.

Bitcoin Price and Token Economics – Source: coinmarketcap

Bitcoin moved sharply higher during the European session after breaking out of a symmetrical triangle pattern at $19,250. As predicted in the Bitcoin price forecast for October 26, the BTC/USD pair is bullish, breaking the immediate resistance levels of $19,600 and $19,900.

Earlier today, Bitcoin broke above the triple resistance level at $20,430, with a close of the “Three White Soldiers” candlestick pattern indicating an opportunity for further upside. The RSI and MACD are still in buy territory, indicating bullishness. Likewise, the 50-day moving average suggests buying above $19,400.

Therefore, as the triple top pattern is broken, the buying trend could extend to $21,000 or $21,900. If the current move gains further momentum, BTC could reach $23,000 within a few days.

Bitcoin Price Chart – Source: Tradingview

On the downside, immediate support for Bitcoin remains near $20,400 or $20,000 (psychological levels).

Top Token Alternatives – Dash 2 Trading

The Dash 2 Trade pre-sale raised over $2.5 million in less than a week and is on track to be one of the biggest token sales of the year.

Dash 2 Trade is an Ethereum-based platform designed to provide its users with various real-time analytics and social trading signals. The total amount raised to date represents an important vote of confidence in the platform.

After the pre-sale is complete, the company intends to launch its platform in the first quarter of 2023, and its D2T token is expected to be listed on various exchanges. If the other pre-sales held this year are anything to go by, D2T has a strong foundation to propel it to greater success.

Get instant access to Dash 2 transactions

Find the best price to buy/sell cryptoCryptocurrency Price Tracker – Source: Cryptonews

Source of information: Compiled from CRYPTONEWS by 0x information.The copyright belongs to the author and may not be reproduced without permission

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