Bitcoin (BTC) price reaches new ATH as long as it stays above this resistance zone (analyst)

TL;DR

Analysts share bullish BTC price predictions. A trader thinks that a parabolic increase of $300,000 is possible next year. The November 5 US presidential election may drive BTC volatility due to the candidates’ contrasting crypto policies. New peak under this condition

The price of Bitcoin has been one of the hottest topics in the crypto space in recent days. It reached as high as $73,600 (just $150 away from hitting a new all-time high) on October 29th before retreating slightly to the current $72,200 (according to CoinGecko data).

BTC Price, Source: CoinGecko

As expected, the impressive performance caught the attention of numerous industry participants, many of whom predicted that a new peak could be just around the corner. One of those who participated is popular X user Michael van de Poppe. He stated that BTC has recently consolidated before “continuing towards new ATHs”.

The analyst believes that the asset will remain at the forefront of gains if it holds above the critical resistance level of $70,000.

Investor and BTC maxi Fred Krueger also gave his two cents. He noted that the major cryptocurrency is still below “the 75ish power law trend line,” predicting a gigantic surge to $300,000 next year. “Don’t even think about selling any of your Bitcoins,” he advised.

Earlier this week, Mikybull Crypto noted that BTC experienced a so-called “golden cross”. This technical chart pattern occurs when the asset’s short-term moving average (often the 50-day) crosses above its longer-term moving average (for example, the 200-day). The appearance of a “golden cross” contrasts with a “death cross” and could be a precursor to a new upward move.

Improved volatility entering?

BTC may experience substantial price swings as early as next week due to the upcoming US presidential election (scheduled for November 5).

Voters will have to choose between Republican Donald Trump and Democrat Kamala Harris. The former took a turn earlier this year, showing strong support for the cryptocurrency sector. For example, he promised to let BTC thrive and fire SEC Chairman Gary Gensler (considered a big enemy of the industry) should he emerge victorious.

Harris, on the other hand, hasn’t been as vocal about it. Earlier this month, he finally mentioned the crypto sector, advocating for a comprehensive crypto regulatory framework to protect “black men and others” who participate in the market. However, he did not provide clear details about the possible rules.

That said, it will be interesting to see who will enter the White House as the winner and how the market will react to the news.

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