Bitcoin bulls defended the $34,000 support level on November 4, 2023, as one popular trader predicted that the next BTC price impulse could be on the horizon.
Bitcoin Bulls Defend $34K Support
Bitcoin has been trading in a relatively tight range between $34,000 and $36,000 for the past few weeks. On November 4, the price briefly dipped below $34,000, but bulls were able to quickly step in and defend the support level.
This suggests that there is still strong buying support for Bitcoin at this level. If bulls can continue to defend $34,000, it could set the stage for a further push towards $36,000 and beyond crypto stock price .
Trader Predicts Next BTC Price Impulse
Popular crypto trader Credible live cryptocurrency prices predicted in a recent video update that the next BTC price impulse could be on the horizon. He based his prediction on Elliott wave analysis, which is a technical analysis technique that attempts to predict future price movements based on past price patterns.
Credible Crypto identified three key levels to watch: $34,314, $34,714, and $35,119. He said that if Bitcoin can hold above the midrange point of $34,714 and reclaim it as support, it could be a sign that the next BTC price impulse is about to begin.
Other Factors Supporting a Bitcoin Bull Run
In addition to the technical analysis factors mentioned above, there are a number of other factors that could support a Bitcoin bull run in the coming months. These include:
Institutional adoption: Institutional investors are increasingly adopting Bitcoin, which could lead to a significant increase in demand for the cryptocurrency.
Regulatory clarity: Governments and regulators are gradually becoming more clear about their stance on Bitcoin, which could reduce uncertainty and encourage more people to invest in the cryptocurrency.
Technological advancements: The Bitcoin network is constantly evolving and becoming more secure and efficient. This could make the cryptocurrency more attractive to investors and users alike.
Bitcoin bulls are currently defending the $34,000 support level. If they can continue to hold this level, it could set the stage for a further push towards $36,000 and beyond.
Popular crypto trader Credible crypto market cap has also predicted that the next BTC price impulse could be on the horizon. He based his prediction on Elliott wave analysis, which is a technical analysis technique that attempts to predict future price movements based on past price patterns.
There are a number of other factors that could support a Bitcoin bull run in the coming months, including institutional adoption, regulatory clarity, and technological advancements.
Bitcoin Bulls Defend $34K as Trader Predicts Next BTC Price ‘Impulse’ (Continued)
Bitcoin Technical Analysis
Bitcoin’s technical analysis remains bullish on the daily timeframe. The price is trading above the 200-day moving average, which is a bullish signal. The MACD indicator is also bullish, with the MACD line above the signal line and the histogram bars above the zero line.
On the 4-hour timeframe, Bitcoin is trading in a bullish ascending triangle pattern. The price has broken out of the triangle and is now retesting the breakout level. If Bitcoin can hold above the breakout level, it could lead to a further push towards the $36,000 resistance level.
Bitcoin Price Prediction
Based on the technical analysis, Bitcoin is likely to continue trading in a bullish trend in the coming weeks. The next target for bulls is the $36,000 resistance level. If Bitcoin can break through and hold above $36,000, it could lead to a further push towards the $40,000 resistance level.
However, if Bitcoin falls below the $34,000 support level, it could lead to a pullback towards the $32,000 support level. If Bitcoin falls below $32,000, it could signal a bearish reversal.
Bitcoin bulls are currently defending the $34,000 support level. If they can continue to hold this level, it could set the stage for a further push towards $36,000 and beyond.
Popular crypto trader Credible crypto market prediction has also predicted that the next BTC price impulse could be on the horizon. He based his prediction on Elliott wave analysis, which is a technical analysis technique that attempts to predict future price movements based on past price patterns.
There are a number of other factors that could support a Bitcoin bull run in the coming months, including institutional adoption, regulatory clarity, and technological advancements.
Investors should always do their own research before making any investment decisions.
