In trading, technical analysts rely on “support” and “resistance” lines to refer to levels that are acting as barriers. They are influenced by the demand (or supply). Meanwhile, other types of investors may focus on institutional participation and new bitcoin futures (ETFs) among other reasons that could contribute to Bitcoin’s pathway to $70,000 and beyond.
Cryptocurrencies that will follow Bitcoin trail
Several cryptocurrency experts predicted that Bitcoin could reach $100,000 in the upcoming months even if its rally is unsustainable. Some traders rely on Bitcoin’s price action to predict how things might go for Altcoins. For instance, altcoins are following a cyclical trend related to the decrease or increase of Bitcoin price.
Zduńczyk also mentioned Ether, the second-largest crypto by market cap. The digital currency has also reached an all-time high record shortly after Bitcoin did. Ether soared to $4,600 in the 1st week of November. This might suggest that it will follow that trail again whenever Bitcoin peaks, he said.