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Bitcoin’s consolidation ‘may be over’, with Ethereum and Polkadot at new ATHs

According to a new analysis, Bitcoin (BTC) is poised for a continuation of its bull run, while BTC / USD maintains daily gains of 2.4%.

Hourly chart of BTC / USD (Bitstamp). Source: TradingView

Target $ 62,500 for a rebound in BTC price

Data from Cointelegraph Markets Pro and TradingView show that Bitcoin is posting its best daily performance in the past week, raising expectations to higher levels.

On November 2nd, the leading cryptocurrency abruptly abandoned a side trading channel earning nearly $ 2,000 in just over an hour.

Amid reports of a potential breakout, well-known trader Pentoshi believes that the $ 62,500 could be the only opportunity to “buy the fix.

In the event of a pullback for BTC, $ 62,500 is a great zone to add to the position,

on Twitter sharing a chart.

“It looks like the consolidation may be over and the price is ready to trend again.”

Annotated chart of BTC / USD. Source: Pentoshi / Twitter

New historical highs for ETH and DOT

The bullish sentiment also comes from the strong momentum of the altcoins.

Ether (ETH), the largest altcoin by market cap, hit a new ATH at $ 4,491, just days after its previous high.

ETH / USD (Bitstamp) hourly chart. Source: TradingView

The top 10 cryptocurrency by market cap was led by Polkadot (DOT), with daily growth of 15% to $ 52, a new all-time high following its October rally.

“On the daily chart, BTC looks ready to begin its climb to $ 84,000.”

Bitcoin reached its monthly “worst case scenario” close in October, staying on track for hit levels close to $ 100,000 by the end of this month.

Source

Bitcoins consolidation Ethereum Polkadot ATHs

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