While there is an uncertain environment for Bitcoin and other cryptocurrencies, it will also be clear whether history will repeat itself for BTC. Analysts set November as the focal point and April 2024, the upcoming halving date. If the past chart is redrawn, Bitcoin is expected to show a satisfactory rise by November 21.
Many analysts have an optimistic view of the market in the long term, but uncertainty remains due to various negativities in the near term.
BitMEX founder Arthur Hayes stated that the market will paint a more optimistic picture towards 2026. Speaking as a guest with Tom Bilyeu on the Impact Theory program, Hayes said that the price of Bitcoin could reach 750 thousand to 1 million dollars by 2026. Hayes also argued that the US government’s relentless printing of money to avoid a financial crisis would trigger a massive bull market in many assets.
Bitcoin price analysis
Bitcoin fell below the October 11 level after finding support at the 20-day exponential moving average ($27,227) in the last two days.
The next support to watch on the downside is the 50-day simple moving average ($26,615). Breaking this level will indicate that investors are running for the exit. The BTC/USDT pair could then decline to $26,000 and eventually retest the support at $24,800.
If the price recovers from the 50-day SMA, the bulls will try to push the price above the 20-day EMA. This could open the doors for a potential rally towards $28,143.
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