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October 31, 2023

Bitcoin and Ethereum Price Analysis: Upward Potential with Temporary Dip and Resistance Level

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Bitcoin Price Analysis

Crypto trader Ali Martinez predicts that Bitcoin (BTC) is poised for an upward move, but a temporary dip may occur first. According to Martinez, Bitcoin is likely to break above the upper trendline of a bullish ascending triangle. However, before the breakout, the trader expects Bitcoin to decline to $33,000. This correction is estimated to be around 5%.

Bitcoin and Ethereum Price Analysis: Upward Potential with Temporary Dip and Resistance Level

Martinez also analyzes Bitcoin's previous market cycles and suggests that the current cycle will reach its peak in October 2025. Based on historical data, he believes that now is a good time to buy Bitcoin, as there are still two exciting years ahead.

At the time of writing, Bitcoin is trading at $34,008.

Ethereum Price Analysis

In addition to Bitcoin, Martinez also comments on Ethereum (ETH). He points out that data from the crypto analytics firm IntoTheBlock indicates that Ethereum will face significant resistance at the $1,960 level. This resistance is attributed to a large number of addresses holding approximately 33 million ETH. If Ethereum surpasses this level, it may experience a breakout.

Currently, Ethereum is valued at $1,783.

In conclusion, both Bitcoin and Ethereum are showing potential for upward movement. However, investors should be aware of the possibility of a temporary dip in Bitcoin's price and the resistance level for Ethereum at $1,960. It is important to conduct thorough research and exercise caution when making investment decisions in the cryptocurrency market.

About the author
Ethan Lim
Ethan Lim
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Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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