Over the past week, the price of Bitcoin was ready to reach an all-time high. Its strong performance has a few bulls predicting that it could get to $20,000 in the next few weeks. Those estimates come from the fact that Bitcoin already flipped the $12,000 to $12,500 support level. Assuming there's no big surprise or price implosion, it is on a path to reach a big candle.
More bull evidence comes from recent options and a futures expiration that saw $450 million open up with an expiration of October 28. One market analyst said that the recent options expiration for Bitcoin and Ether did not contain any surprises. It is back to 137,000 for Bitcoin versus the 150,000 it had been. The CME is now at $215 with a minimal price impact. More experts expect a bull run than a bear run.
As of October 31, Bitcoin was trading higher than $13,500. Its four-hour chart shows it making higher lows and lower highs. This tighter price range is encouraging. Analysts think it will stay there through the Election Day hoopla. If it were to go past $13,620, then it might be able to get to $13,859 and reach a new high for the year.
As of now, trading volume is going up. the signal line and histogram show a boost in momentum. The RSI passed the mid-line and reached 60. It still has resistance around $13,660. If Bitcoin does lose its current momentum and falls to $13,100 or lower, there is additional support at $12,800. It won't fall far if that happens. If it can't hold at $12,800, there is a retest around $12,00 and at $11,500.
Overall, the current price and volume of Bitcoin are encouraging for future growth. It is in a solid trend upward with room to grow in value. The same things cannot be said about the alt coins. Over the weekend, Ether dropped by 5.8%. It's struggling to get back to a support of $400. Chainlink fell 6.74%, and Binance Coin lost 6.1%. The current total cryptocurrency market cap is $396.6 billion for now.