Analyst CrediBULL Crypto presented a bullish perspective on Bitcoin’s near-term future, emphasizing the importance of understanding the market structure and trend formation to project future price movement. By assessing the current wave structure or price action trends, the analyst suggested that Bitcoin is primed for a continuation in its rally, anticipating it to reach the 40k mark before experiencing any notable pullback.
New $BTC video update is now LIVE!
— CrediBULL Crypto (@CredibleCrypto) October 26, 2023
I talk about market structure/trend formation to explain why I think this rally isn't over yet and why I'm eyeing up 40k+ before any significant pullback.
I also talk about what I'm expecting after 40k is met and discuss the higher timeframe,… pic.twitter.com/4FuwmOfUzl
According to him, the idea here is to grasp the basic concept of an uptrend, signified by a series of higher and lower highs. Bitcoin has been on this upward trajectory since its bottom at 15k. Further breaking down the market movement, CrediBULL described the nature of impulses and corrections that Bitcoin has been undergoing. The current wave structure suggests further upward movement, fitting into a broader wave that the analyst believes has not yet reached its peak.
On the other hand, crypto research platform Santiment offered a more fundamental view of Bitcoin’s positive outlook. Bitcoin, according to their analysis, maintains a high number of active addresses.
👍 If you're concerned about a #crypto retrace, note that #Bitcoin still maintains a high pace of active addresses. Additionally, the top market cap asset is seeing a high level of dormant tokens now moving, typically synonymous with #bullish conditions. https://t.co/bvjDL2Shga pic.twitter.com/NvxKkQpkg8
— Santiment (@santimentfeed) October 26, 2023
This high activity level on the network often signifies robust use and can be a positive indicator of the asset’s health and demand. Additionally, Santiment highlighted the movement of previously dormant tokens. When these dormant tokens start circulating, they tend to indicate bullish market conditions.
Bitcoin’s price at the press time is $34,200.74, according to CoinMarketCap. Although it has experienced a slight dip of 1.14% over the last 24 hours, its dominant market cap underscores its reigning position in the crypto market.
In drawing these analyses together, both provide a bullish perspective on Bitcoin’s near-term future, albeit from different vantage points—CrediBULL through technical analysis and wave structures and Santiment through fundamental network metrics. As with all investments, particularly in the volatile crypto market, it’s essential to approach these analyses cautiously and consider broader factors when making decisions.
