With a noteworthy 30% price increase at the end of October, Bitcoin has gained the attention of investors all around the world. Regarding Bitcoin’s future course, the cryptocurrency community is full with conjecture, with differing views.
As one voice in this cacophony, trader Henrik Zeberg is well-known and shares his observations.
Zeberg highlights an important event on the daily Bitcoin price chart in his most recent analysis: a rally that followed a breakthrough from the 200-day moving average, which is presently trading close to $33,000. The significant $30,000 price barrier has been broken by this move, indicating a strong bullish momentum in the market.
Zeberg issues a warning before we begin to rejoice, though. Relative Strength Index (RSI) has risen above 70%, suggesting that there may be an overbought condition in Bitcoin (BTC) that may portend short-term stabilisation.
According to Zeberg’s professional analysis, the critical price range for Bitcoin is between $33,000 and $35,000. At around $34,780 per coin right now, the top cryptocurrency is trading close to the higher end of the range he indicated.
Saga continues
According to recent U.Today reports, Bitcoin may grow by as much as 50% in November, reaching a peak of $51,000 per coin. But it’s important to keep in mind that these are only projections and that there is still uncertainty in the future.
The true test will come with time, just as in any financial market. In the end, Bitcoin’s performance will show whether it follows these forecasts or takes a different course. As of right now, everyone’s eyes are focused on the Bitcoin price chart, anticipating the next development in this epic story.
