On October 29, the cryptocurrency market peaked after the bulls managed to push the price of Bitcoin (BTC) back near the $63,000 support area, with Ether (ETH) hitting a new all-time high at $4,460.

ETH/USDT 4-hour chart. Source: TradingView
Here is what analysts are saying about the market now that Bitcoin is finding support above the $60,000 level and Ether is hoping to enter the price.

Bulls believe Bitcoin could reach $90,000
Bullish moves seen in BTC and Ether triggered a temporary reversal from independent market analyst Crypto_Ed_NL, who tweeted, “I didn’t sound bullish enough for $40,000” when the $73,000 target was set. …

BTC/USD 1 day chart. Source: Twitter
Looking at the recent moves, the analyst noted that “the target has risen to $90,000 and after the correction we should see $100,000.”

Regarding exactly how this scenario will affect the price of Ether, Crypto_Ed_NL has published the following tweet describing how the price action could unfold and produce a price target above $6000.

ETH/USDT 1-day chart. Source: Twitter
Crypto_Ed_NL sa:

“There is no need to put the usual disclaimer. I make mistakes when I make mistakes, but I would be very surprised if I made a mistake.”
$85,000 is the next big hurdle for Bitcoin
A more in-depth look at Bitcoin price dynamics was given by crypto market analyst Decentrader, who notes that the 14% pullback of the BTC price from $67,000 last week was “due to lenders eventually wanting margin.” and short term penetration.

According to Decentrader, long and short positions felt the pain of the recent price drop after the liquidation of short positions totaling $120 million on October 20. The delayed long contracts also lost $100 million in liquidation the next day.

BTC/USD 1 day chart. Source: Decentrader
The BTC prize has now returned to its failed high since May this year, which has now become “a boost after the failed outbreak.”

Decentrader:

“As an indication of a higher time frame for the continuation of the uptrend, we are about to see a 128DMA cross above the 200DMA. In the past beef markets, after these shifts, the price has been steadily rising. From a technical point of view, the cycle and market chain, we believe we remain the next big challenge. For BTC it will not be encountered until we get close to $85-90,000.”
On the topic: The world’s largest bitcoin fund could become an ETF by July when GBTC approaches $40 billion.

Ether is ready to go up to $5000
Michael van de Poppe presented a possible scenario of how the price of Ether might affect in the near future.

ETH/USDT 1-day chart. Source: Twitter
Poppe sa:

“Good value for money and probably ready to go up to $5,000.”
The total cryptocurrency market capitalization is now $2.666 trillion, and the bitcoin dominance rate is 44.2%.

Source: CoinTelegraph

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