Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs

Market Analysis

Bitcoin (BTC) is in line for continuation of its bull run, fresh analysis says as BTC/USD retains its 2.2% daily gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$62,500 eyed for BTC price bounce

As data from Cointelegraph Markets Pro and TradingView tracks Bitcoin’s best day for a week, confidence in higher levels is building.

Earlier Wednesday, the largest cryptocurrency abruptly exited a sideways trading channel to add almost $2,000 in just over an hour. 

Amid calls of a potential breakout, popular trader Pentoshi believes that $62,500 may be buyers’ only chance to “buy the dip.”

“$BTC any pullback towards 62.5k is a great bid zone to add,” he advised Twitter followers alongside an accompanying chart.

“Looks as tho consolidation could be over and ready to trend again.”

BTC/USD annotated chart. Source: Pentoshi/ Twitter

With the Wall St. open around the corner, confidence is firmly evident among market participants, with analyst TechDev calling for a march beyond all-time highs of $67,100.

Related: Price analysis 11/1: BTC, ETH, BNB, ADA, SOL, XRP, DOT, SHIB, DOGE, LUNA

Ether (ETH), the largest altcoin by market cap, saw a fresh all-time high of $4,482 Wednesday, days after its previous record.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

The top ten cryptocurrencies by market cap were led by Polkadot (DOT), up 15% on the day at $52 — itself an all-time high after its own October rally.

Bitcoin de facto hit its “worst case scenario” monthly close for October, thus remaining on course to see almost $100,000 by the end of this month.

New all-time highs for ETH and DOT

Bullish sentiment is also coming from a resurgent altcoin sphere.

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