Bitcoin (BTC) Price Analysis: Heading Towards $21,500 (31-Oct)

What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the $20,400 mark and is still looking bullish on the lower timeframes. As speculated in our previous analysis, the price stayed above $20,400 during the weekend, and we can now expect it to move towards the upside. Bitcoin did not close a single daily candle above the $20K region in the past month but was able to manage it in the last few days. It is likely that we will see BTC continue towards higher targets in the coming days before it goes back towards following the macro trend. Let’s look at the Bitcoin daily (31-Oct-2022) price prediction to see where the price is headed next in the immediate short term.

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Analyzing the Charts

If we take a look at the latest 1-hour charts for Bitcoin, we can see that the price is still trading above $20,400 and is targeting the $21,500 mark next.

However, we can also notice that the price dropped a little further on the last retest and did touch the $20,000 mark before bouncing. That could happen again, and Bitcoin might create a double-bottom pattern at $20,000 before moving towards the upside.

A double bottom pattern is a bullish continuation pattern that indicates that the price will make a jump from the support level. If this pattern plays out for Bitcoin in the next day or so, it will meet the current target at the $20,500 mark.

On the other hand, a bounce from $20,400 is also possible, and BTC could continue the uptrend on lower timeframes without retesting $20,000.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading around the $20,400 mark and has been going sideways for the past few days. The price is now trading above the $20,000 region, which is a good sign and could be an indicator of a potential uptrend. It is possible that the price will be heading towards the $22,600 region in the coming days, and we can expect Bitcoin to touch higher levels before dropping lower once again.

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