Cryptocurrency industry analysts predict rapid growth of the Bitcoin cryptocurrency

The growth of the crypto market at the end of October made many members of the crypto community believe that the bears had finally surrendered. A positive outlook for bitcoin was supported by popular YouTuber Crypto Rover, analyst Hern van Lagen, and trader Doctor Profit, who predicted that BTC would rise to $ 38,000 in November. The analyst sees prerequisites for a cryptocurrency correction after reaching this level.

The next target for BTC could be levels near $ 40,000, according to the well-known crypto expert Michael van de Poppe. He also sees prospects for the cryptocurrency’s growth to $ 45−50 thousand before the 2024 halving.

Popular analyst Inmortal supported the positive forecasts. According to his observations, there is nothing bearish on the bitcoin chart. He believes that the maximum investors can expect is «the coin’s descent to local lows.» At the same time, Inmortal is confident that updating cyclical lows is out of the question. Earlier, one of the most respected analysts in the market, Peter Brandt, made a similar forecast for bitcoin.

However, there are those who support the negative scenario. For example, crypto trader and analyst Rekt Capital does not rule out the possibility of BTC dropping to $ 20 thousand before halving. The expert based his Bitcoin forecast on a comparison of the cryptocurrency’s current behavior with the coin’s movements before the halving in May 2020. The day before the event, amid the outbreak of the coronavirus pandemic, the crypto market collapsed (indicated by a blue circle on the chart — ed.).

According to the CoinMarketCap analytical tracker, at the time of writing, bitcoin is trading at $ 34,241, up 0.38% from yesterday. The total number of coins circulating on the market amounted to $ 668.7 billion, and traders made daily trading deals worth $ 13.2 billion. Bitcoin’s dominance in the market amounted to 53%.