Bitcoin value consolidation ‘might be over’ says dealer as Ethereum, Polkadot hit all-time highs


Bitcoin (BTC) is on the verge of resuming its bull run, according to new analysis, as BTC / USD retains its 2.2% daily gains.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Looking for $ 62,500 after BTC price jump

As data from Cointelegraph Markets Pro and TradingView track Bitcoin’s best day in a week, confidence in higher levels grows.

Early Wednesday, the largest cryptocurrency abruptly left a sideways trading channel to add nearly $ 2,000 in just over an hour.

Amid calls for a possible breakout, popular trader Pentoshi believes that $ 62,500 may be the only chance for buyers to “buy the dip.”

“$ BTC is a great bidding zone any retreat towards 62,5,000,” he advised Twitter followers along with an accompanying chart.

“Looks like the consolidation may be over and ready for another trend.”BTC / USD annotated chart. Source: Pentoshi / Twitter

With Wall Street open just around the corner, the confidence of market participants is clear. Analyst TechDev calls for a march past the all-time high 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, hit a new all-time high of $ 4,482 on Wednesday, days after its previous record.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView

The top ten cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day to $ 52 – even an all-time high after its own October rally.

#BTC Daily appears ready to begin its climb to 84,000.

– TechDev (@ TechDev_52) November 2, 2021

Bitcoin actually hit its worst-case scenario end of the month for October, staying on track to hit nearly $ 100,000 by the end of that month.

New all-time highs for ETH and DOT

The bullish sentiment is also coming from a resurgent altcoin sphere.

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