Bitcoin Price Prediction – How High Can BTC Go as it Pumps Past $20,000?

During the European session, Bitcoin is trading near $20,400, tossing between a narrow range of $20,350 to $20,800. As expected, the buyer-seller tug-of-war continues ahead of the FOMC and Fed funds rate decision on November 2.

As Bitcoin (BTC), the industry’s main asset, has recently shown resilience, bullish sentiment has returned to crypto investors and analysts as the cryptocurrency sector regains its $1 trillion market value.

Also Read :  Ag economy barometer declines again |

El Salvador’s Bitcoin purchases are confidential: Trustee

BANDESAL, El Salvador’s development bank, established a $150 million trust fund to ensure convertibility of the local currency into US dollars for use by consumers and businesses.

Also Read :  Alabama MBDA and Walker’s Legacy foster growth for Black and Brown entrepreneurs across the state

Since Bitcoin became legal cash in El Salvador, President Nayib Bukele has made frequent Twitter announcements about the country’s BTC purchases. However, the non-governmental anti-corruption bureau ALAC El Salvador was recently denied access to data from state development bank BANDESAL regarding bitcoin transactions in El Salvador.

Also Read :  Florida, New Hampshire, And South Dakota Top Latest Economic Freedom Index

El Salvador’s development bank, BANDESAL, established a trust fund with $150 million to ensure the country’s residents and businesses always have access to US dollars.

El Salvador’s bitcoin purchases are confidential, so his request for disclosure was denied.

To paraphrase their official statement:

Confidentiality limits the possibility for citizens to access and receive information on operations carried out by BANDESAL with public funds.

In response to the denial, ALAC El Salvador pointed out that the money used to buy the bitcoins came from government coffers.

FOMC meeting and Fed rate decision ahead

Decisions on interest rates are expected tomorrow, November 2, from the Federal Open Market Committee and the Federal Reserve. The market expects the Federal Reserve to raise interest rates by 75 basis points (bp). What’s really significant is if the hawks’ focus on the pace of core inflation means a fifth 75bp hike in December.

The FOMC is widely expected to approve its fourth consecutive 75bp rate hike at next week’s meeting of the Federal Open Market Committee (FOMC). Job creation is occurring at a rapid clip, with the number of job vacancies currently outstripping the number of unemployed Americans by a ratio of four.

After two consecutive quarters of GDP declines, the economy has returned to growth.

A rate hike of 75 basis points has already factored into market prices. Although the Fed’s stance on future rate hikes is more consequential than tomorrow’s rate hike, the latter will affect the cryptocurrency market.

Bitcoin Price Prediction – How High Can BTC Go Above $20,000?

With a 24-hour trading volume of 44 billion, Bitcoin is currently priced at $20,391. Over the past seven days, Bitcoin has gained less than 5%. CoinMarketCap is currently in first place, with a live market capitalization of $427 billion, down from $431 billion during the Asian session.

Bitcoin Price and Tokenomics – Source: coinmarketcap

The BTC/USD pair is trading in an upper channel on the 4-hour time frame, with support near $20,300 and resistance near $20,700. The 50-day moving average is extending support near the $20,400 level, and candles closing above this line indicate a bullish trend in Bitcoin.

The RSI and MACD continue bearish, indicating minor weakness in the uptrend. Consequently, a bearish breakout of the $20,300 support level could extend the selling trend to the next support level of $19,950.

Bitcoin Price Chart – Source: Tradingview

On the plus side, the increased demand for Bitcoin allowed it to break through the $20,800 resistance zone and reach the $21,000 level. A further bullish breakout above the $21,000 level could take BTC to $21,450.

Top Coin Alternative – Dash 2 Trade

In recent weeks, a number of new altcoins have outperformed the market, with pre-sale tokens proving particularly beneficial for traders who can’t wait a few more months for big returns.

Dash 2 Trade, a cryptocurrency analytics and intelligence platform for traders and investors, is currently in pre-sale. For those interested in cryptocurrencies it is best described as the equivalent of Bloomberg Terminal.

D2T has piqued the interest of crypto investors worldwide, raising over $4 million in one week during its pre-sale. Moreover, pre-sales have been brisk recently, and D2T is well positioned to capitalize on the trend.

Visit Dash 2 Trade now

Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews



Source

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button