Crypto Mania

Bitcoin Price Enters Consolidation Phase Eyeing for a Breakout

  • The price has been consolidating in a confined range between $34,830 and $33,450.
  • The market leader is up 26.72% in the last 30 days.

In light of recent events, billionaire and former hedge fund manager Stanley Druckenmiller has come forth to say that he may have been wrong about not owning Bitcoin all along.

Duquesne Capital founder Stanley Druckenmiller was having a conversation with hedge fund manager Paul Tudor Jones. Druckenmiller was taken aback by Bitcoin’s success among young people and agreed that the cryptocurrency had value as a medium of exchange on par with gold.

The wealthy investor has been outspoken about Bitcoin since at least 2020, when he described it as an asset class. Despite his optimistic view on BTC, he made it clear that he owns gold.

Moreover, the remarkable whitepaper that introduced the world to Bitcoin, completed 15 years. On October 31, 2008, the white paper that became the model for a revolution in the financial sector was published.

Breakout Highly Likely

At the time of writing, BTC is trading at $34,080, down 0.37% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is up 30.66%. The market leader is up 26.72% in the last 30 days. The price has been consolidating in a confined range between $34,830 and $33,450, eyeing for a breakout in either direction.

Investors and traders alike would be keeping a close eye on the upcoming FOMC meeting on November 2. If the price manages to go past the $35,030 recent high then it will likely rally all the way till $42,400 resistance level. On the other hand, if the price manages to fall below $33,260 support level then it will likely move towards $30,500 support level.

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