Bitcoin (BTC) Price Prediction – October 31, 2020
Today, BTC rebounded twice as bulls break the $13,600 and $13,800 resistances. Incidentally, Bitcoin has reached the $14,000 high. Nonetheless, the coin is facing resistance at the recent high. Buyers must sustain the current move above $13,800 high.
Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000
Following its recent upward move, the price range between $13,060 and $13,600 has been broken. After the recent breakout, BTC rally to a $14,055 high. The current uptrend was not sustained after the breakout. Therefore, BTC is trading below the $14,000 resistance. In the meantime, the BTC price is retracing from the recent resistance zone.
The market will move up if price finds support above the $13,800 high. However, if the $13,800 is broken, the next support will be the $13,600 low. Presently, Bitcoin is hovering above $13,800 after testing the $14,000 resistance. Bitcoin is trading above the 80% range of the daily stochastic. Bitcoin is in a strong bullish momentum.
Bitcoin Will Win Whether Trump or Biden Wins in the U.s Election by Barry Silbert
According to Grayscale CEO, Bitcoin will win because the election of Trump or Biden victory would result in the expansion of the US dollar supply. Therefore, a Democratic sweep led by Joe Biden or a Donald Trump reelection will only amount to sustaining Bitcoin. Grayscale, is a cryptocurrency investment firm that carried out a study on Oct. 27.
It indicated that the potential market for Bitcoin has significantly expanded in 2020. This is what the study reads: “Interest is on the rise: More than half of U.S. investors are interested in investing in Bitcoin In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products. This marks a significant increase from the 36% of investors who said they were interested in 2019.”
On the 4-hour chart, Bitcoin is facing rejection at the $14,000 resistance. This week Bitcoin will be trading above the $14,000 high. On October 28 uptrend, the retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will rise to level 2.618 Fibonacci extension. That is the high of $15,544.40.