Written by William Subergstaff writerReviewed by Allen Scottstaff editorBitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs
MarketsPublishedNov 2, 2021
A sea of green among altcoins comes as BTC/USD preserves its own gains, which have taken it past $63,000.
Bitcoin (BTC) is in line for a continuation of its bull run, fresh analysis says, as BTC/USD retains its 2.2% daily gains.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
$62,500 eyed for BTC price bounce
As data from Cointelegraph Markets Pro and TradingView tracks Bitcoin’s best day for a week, confidence in higher levels is building.
Earlier Tuesday, Nov. 2, the largest cryptocurrency abruptly exited a sideways trading channel to add almost $2,000 in just over an hour.
Amid calls of a potential breakout, popular trader Pentoshi believes that $62,500 may be buyers’ only chance to “buy the dip.”
“$BTC any pullback towards 62.5k is a great bid zone to add,” he advised Twitter followers alongside an accompanying chart.
“Looks as tho consolidation could be over and ready to trend again.”
BTC/USD annotated chart. Source: Pentoshi/Twitter
With the Wall Street open around the corner, confidence is firmly evident among market participants, with analyst TechDev calling for a march beyond all-time highs of $67,100.
Related: Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA
Ether (ETH), the largest altcoin by market capitalization, saw a fresh all-time high of $4,482 Tuesday, days after its previous record.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView
The top 10 cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day at $52 — itself an all-time high after its own October rally.
#BTC daily looks poised to begin its move up to 84K. pic.twitter.com/QtTFjjpBBl— TechDev (@TechDev_52) November 2, 2021
Bitcoin de facto hit its “worst-case scenario” monthly close for October, thus remaining on course to see almost $100,000 by the end of this month.
New all-time highs for ETH and DOT
Bullish sentiment is also coming from a resurgent altcoin sphere.
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