On the daily chart for Bitcoin, a bullish continuation signal was formed with a target of $40,100 after the price broke out of the “pennant” pattern.
A trader with the username Titan of Crypto also noticed a similar technical pattern, specifically an upward breakout of an inside bar range, which was preceded by a double breakout on the weekly time frame.
Michael van de Poppe, founder of MN Trading, emphasized the importance of the Fed’s decision not to raise the key rate at their November 1 meeting, predicting a positive impact on riskier assets, such as Bitcoin.
Dan Morehead, CEO of Pantera Capital, shared a positive outlook on continued growth, citing a trend of 145% average yearly growth for Bitcoin over the last 14 years.
However, analyst Mark Cullen cautioned that the bullish forecasts will only hold if Bitcoin stays above $35,000, and a drop below this level could signal a potential loss of the uptrend in the short term.
