Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs

New analysis suggests that Bitcoin (BTC), which is currently in the midst of a bull run, will continue its upward trend. BTC/USD has maintained its 2.2% daily gains.

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

$62,500 for a BTC price rebound

Data from TradingView and Cointelegraph Markets Pro track Bitcoin’s best day over a week. This is boosting confidence.

The largest cryptocurrency abruptly left a sideways trading channel on Tuesday, Nov. 2 to add nearly $2,000 in less than an hour.

Popular trader Pentoshi thinks that $62,500 is the only way to buy the dip amid rumors of a breakout.

He advised Twitter followers that a pullback to 62.5k for $BTC was a great area to add, and included a chart.

“It looks like tho consolidation might be over and ready for trend again.”

Annotated chart of BTC/USD Source: Pentoshi/Twitter

Market participants are confident with Wall Street opening around the corner. Analyst TechDev calls for a march above all-time highs at $67,100.

Similar: Price analysis 11/1: BTC. ETH. BNB. ADA. SOL. XRP. DOT. SHIB. DOGE. LUNA.

The largest altcoin, Ether (ETH), reached a new all-time record of $4,482 Tuesday. This was just days after the previous record.

BITSTAMP: ETH/USD 1-hour candle charts Source: TradingView

Polkadot (DOT) led the top 10 cryptocurrency market caps at $52 — up 15% from the previous day. This is an all-time high, itself after its October rally.

#BTC daily appears poised to start its climb up to 84K pic.twitter.com/QtTFjjpBBl
— TechDev (@TechDev_52) November 2, 2021

Bitcoin de facto closed October at its “worst case scenario” monthly close, thereby remaining on track to reach almost $100,000 by the end this month.

New highs for the ETH and the DOT

A resurgent altcoin community is also generating bullish sentiment.

Read more https://cointelegraph.com/news/bitcoin-price-consolidation-could-be-over-says-trader-as-ethereum-polkadot-hit-all-time-highs