Bitcoin: Will Breaching $63,000 Lead To Next Surge?
Bitcoin is currently trading at $62,255.65, up 2% in the past week. The BTC market fell prey to volatility ahead of this past weekend, but the asset has gained slightly since the start of the week. Analysts are predicting what price point could be the level that separates current prices from a boom. It’s suggested that $63,000 could be the next support level, which means higher highs incoming for the king coin.
Bitcoin recently surged during the weekly open, creating two major long liquidation levels due to high leverage. These levels aligned perfectly with last week’s equilibrium (pwEQ). Bitcoin faced resistance as the bid-ask ratio tilted heavily toward the ask side. This led to a retracement, bringing BTC back to critical levels. However, this made the liquidation points and pwEQ key areas for potential price bounces.
The bid-ask ratio is now showing a shift toward demand, with more bids appearing within 2% of the current price. This data reveals that entry levels around $62K to $63K could offer high returns if Bitcoin continues its upward momentum.
Bitcoin Analysts Suggest Asset Will Climb In “Uptober”
The market is still skeptical about BTC’s upcoming move, but an analyst has given it hope. Prominent cryptocurrency analyst Ali Martinez believes that an increase in Bitcoin’s value may occur sooner rather than later. Martinez sheds light on the matter by stating that the Bitcoin Taker Buy/Sell Ratio on the cryptocurrency exchange OKX has surged. This suggests a spike in aggressive purchasing, which is further a sign of upward momentum.
Also Read: US to Sell 69,370 Bitcoin Worth $4B After Supreme Court Approval
Despite its current situation, Bitcoin is expected to witness a bullish month. The latter part of October is typically seen as quite bullish, while the first half is usually slower. Thanks to the “Uptober” fever, extremely bullish predictions have surfaced. The king coin is expected to remain above the $63,000 price level once it surpasses it. Furthermore, some predictions see BTC surging to a maximum price of $79,208 by the end of the month.