- Cryptocurrency prices trended higher on Monday as last week’s gains for Bitcoin emboldened traders to re-enter the altcoin market ahead of what some analysts have said will be the largest bull market in the history of crypto.
Data provided by TradingView shows that Bitcoin’s price traded in a range between $34,085 and $34,872 on Monday, with the bulls and bears matched evenly for strength.“October Bitcoin futures prices a bit weaker in early U.S. trading Monday,” according to Kitco senior technical analyst Jim Wyckoff, who noted that “Recent price action has formed a bullish pennant pattern on the daily bar chart.
Wildcards that could potentially affect the market include “Central Bank’s stance on rates; the Middle East situation potentially turning into WWIII; and the ‘revenge of the altcoins,’” he said. He said $45,000 has a “significant amount of resistance,” while “a lot of the bullish factors have already been priced-in with the last 4 weeks upward move.”
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