Autor Cointelegraph By William Suberg

Bitcoin (BTC) saw its highest levels since mid-September on Oct. 26 as BTC/USD approached the pivotal $21,000 mark.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBears lose big as Bitcoin climbsData from Cointelegraph Markets Pro and TradingView showed the pair tackling $20,700 at the time of writing, up over 7% in 24 hours.What began as an assault on $20,000 continued on the day, liquidations mounting further after already sealing the biggest shorts obliteration of 2022.According to data from analytics resource Coinglass, Bitcoin alone accounted for $550 million in liquidations in the past 24 hours.$704 million in cross-crypto shorts were liquidated on Oct. 25, with the Oct. 26 tally so far standing at $275 million. Including long positions, the total was over $1 billion.Crypto liquidations chart. Source: CoinglassNovember lows still on the tableDiscussing what the future could hold for BTC price action, some traders and analysts remained set on previous theories, arguing that the past day’s gains had literal structural impact.Related: Analyst puts Bitcoin price at $30K next month with breakout due“The fact that this retracement is happening before taking the last high is a good sign,” Il Capo of Crypto told Twitter followers during the prior day’s moves. “In my opinion, we will see the last push up to 21k this week. Time pivots are October 27th and November 2nd (interest rates). Potential bottom about mid November. Key levels: 21k and 14k.”BTC/USD annotated chart. Source: Il Capo of Crypto/ TwitterFellow commentator Credible Crypto likewise continued to predict that $14,000 would never arrive.“Nothing I have said in past has changed enough for me to make another vid update- still expecting new ATH in 2023, still not expecting 14k to be met (invalidation), still think we are basing out before our major impulse. Now just waiting for confirmation of the start of it,” he summarized.The last time that BTC/USD circled the day’s local highs of $20,789 on Bitstamp was on Sep. 13.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) spiked above $20,000 on Oct. 25 as risk assets benefited from new U.S. dollar weakness.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin taps three-week highsData from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $20,191 on Bitstamp.The move came in tandem with rising United States equities, these in turn buoyed by a declining U.S. dollar, which lost traction against major trading partner currencies on the day.With that, Bitcoin saw its first trip above the $20,000 mark since Oct. 7.“Finally, the volatility will kick in,” Michaël van de Poppe, founder and CEO of trading firm Eight, reacted. “Bitcoin is ready for that relief run. Long and strong.”BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewTrader and analyst Il Capo of Crypto meanwhile flagged BTC outperforming altcoins in terms of gains, albeit with no end in sight as yet.“There’s fuel to keep going,” he tweeted.Data from monitoring resource Coinglass meanwhile showed the extent to which the market had been short on the day. Short position liquidations for Bitcoin alone topped $165 million on the day, a multi-month high, with the tally still increasing at the time of writing.Cross-crypto short liquidations amounted to more than $400 million.Crypto liquidations chart. Source: CoinglassDollar puts up a fight after swift lossesFollowing the action, analytics service Material Indicators meanwhile tracked shifting support and resistance on the Binance order book.Related: Analyst puts Bitcoin price at $30K next month with breakout dueThe $20,000 zone had been marked by a cluster of sell orders totaling in excess of $110 million, bulls managing to make a considerable dent with the impulse.”FireCharts shows the remaining $83M of the $112M BTC sell wall we saw this morning was just moved up,” it confirmed alongside a chart showing a heat map of trades.BTC/USD order book data (Binance) chart. Source: Material Indicators/ TwitterIn a potential knock to crypto, however, the U.S. dollar index (DXY) showed signs of recouping its daily losses at the time of writing, attempting to clinch 111 as support.”$DXY is finally breaking down today. Expecting bids in the 109.50-110 range,” Justin Bennett, founder of crypto education platform Crypto Academy, commented.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin (BTC) “will break out significantly” in the next month, with an upside target of $30,000.That was the latest prediction from Michaël van de Poppe, founder and CEO of trading firm Eight.Analyst on November price target: “My guess is probably $30K”In a tweet on Oct. 25, Van de Poppe joined a growing number of analysts delivering bullish BTC price forecasts.BTC/USD is currently marked by a distinct lack of volatility, but signs are flowing in that the sideways trend is due a major shake-up.Bitcoin’s Bollinger Bands versus the Nasdaq are the tightest in history, popular analyst TechDev and others confirmed in recent days, this all but guaranteeing an explosive move to come.“Price vs. NASDAQ peaked at BTC’s last impulse top in April 2021 and has been consolidating during the 1.5 year correction,” he wrote as part of commentary. “Expect upside break and strong Bitcoin outperformance soon.”BTC vs. Nasdaq annotated chart with Bollinger Bands. Source: TechDev/ TwitterFor Van de Poppe, upside potential is a more attractive bet than further bearish behavior, with BTC/USD set to add as much as 35% in the coming weeks.“Within 2-3 weeks, Bitcoin will break out significantly. My take is the upside,” he stated.“My guess is probably $30K.”Such a breakout would surpass the relief rally target from popular pundit Il Capo of Crypto, this being in place for months and set at $21,000.Prior to Wall Street trading beginning, however, he acknowledged that the $21,000 zone may appear “this week.”“Market looking good for a last leg up. Higher highs and higher lows on ltf and demand being moved up,” he tweeted.Old hands fuel latest Bitcoin bull caseSetting out its own bull case for Bitcoin, meanwhile, on-chain analytics firm Glassnode placed the focus on long-term holders (LTHs) and exchange buyers.Related: Least volatile ‘Uptober’ ever — 5 things to know in Bitcoin this weekExchanges are seeing significant amounts of BTC leave their books, while hodlers are intent on not selling, it explained this week — as reported by Cointelegraph.“The Bull Case takes a view on the HODLers of last resort, whereby the supply flows out of exchanges, and into HODLer wallets is at an all-time-high,” the latest edition of Glassnode’s weekly newsletter, “The Week On-Chain,” summarized. “Despite being small in relative number, the conviction of Bitcoins die-hard believers is unshaken, and their balance continues to grow, through thick and thin.”Bitcoin % exchange balance annotated chart (screenshot). Source: GlassnodeLonger-term perspectives on Bitcoin have remained lofty, with a $2 million prediction by 2028 coming in this month.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.