Bitcoin price prediction: BTC could hit $80k this November and Pepe Unchained could 100X
Release: 2024/10/31 04:31 Reading: 521
Bitcoin Nears All-Time High, Fueling Hopes for $80,000 November and Altcoin Surges
Bitcoin is trading within 2% of its all-time high, sparking excitement among traders. With momentum on its side, analysts predict the cryptocurrency could reach $80,000 in November, paving the way for altcoins like Pepe Unchained to soar.
Bitcoin Flips Resistance to Support, Eyes $80,000
Bitcoin recently breached a seven-month resistance level and flipped it into support. This significant breakout indicates strong momentum, with BTC now trading above $72,300.
Adding to this bullish sentiment, BTC experienced its highest-ever three-day candle close, suggesting it is primed for further gains.
Analysts are targeting $80,000 as the next resistance level, with analyst Castillo Trading predicting it will be breached soon.
Off-Chain Factors Favor Bitcoin
The Federal Reserve's upcoming meeting on November 7th is widely expected to result in a rate cut. Historically, rate cuts have been bullish for Bitcoin, including the September cut that saw BTC rally from $52,000 to $70,000.
Moreover, the U.S. presidential election is fast approaching, and CNBC analysts believe Bitcoin will reach $80,000 this year regardless of the outcome. A pro-crypto stance by the eventual winner, such as Donald Trump, could further accelerate these gains.
Pepe Unchained Emerges as Altcoin Contender
Alongside Bitcoin's resurgence, altcoins are poised to benefit. Analysts are highlighting Pepe Unchained as a potential winner, with the project having raised over $22 million in its presale.
Pepe Unchained aims to create an Ethereum layer 2 blockchain specifically for meme coins, addressing the high fees and slow speeds prevalent on the Ethereum main network.
The meme coin market has seen explosive growth, and analysts believe Pepe Unchained's unique positioning could make it the next breakout star.
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