As September ends, Bitcoin (BTC) price remains stable. Volatility seems to be stabilizing above $19,000 as it tries to subside. So what’s next for October? Here are the Bitcoin predictions of various analysts
Wyckoff predictions: Big price action for Bitcoin is on the horizon
Based on the recent price action, Kitco analyst Jim Wyckoff suggested that a drop in Bitcoin volatility could indicate that “a larger price action is on the horizon.” Regarding the asset’s prospects, Wyckoff stated that if the price exceeds $20,000, the September high, the scenario will trigger the bulls. However, bears will dominate if the asset continues with September lows.
Interestingly, Bitcoin is entering October, a month when the asset is known to move well. It can be an important psychological boost for most investors. Therefore, investors are probably looking forward to taking advantage of the bullish season. However, they can be affected by the prevailing macroeconomic factors. While Bitcoin is showing signs of potential rally, macroeconomic factors continue to present a bleak picture. It is worth noting that the initial concept of BTC is aimed at surviving such conditions, which are characterized by increases in interest rates and a slowing economy.
Michael van de Poppe drew attention to the importance of $ 19,300
Meanwhile, Bitcoin was increasingly correlated with the stock market. But there are signs of decomposition. In particular, the correlation between Bitcoin, Ethereum (ETH), and the S&P 500 dropped 2.4 percent as of September 29. Also, crypto trading expert Michaël van de Poppe said that if the flagship cryptocurrency holds the $19,300 level, it could focus on $19,600. He stated that the asset will see “some momentum”.
InvestAnswers: Bitcoin prepares for bull month
A widely followed crypto strategist is expressing a bullish trend for Bitcoin (BTC) as the last quarter of the year begins. The anonymous InvestAnswers host says in a new video that October has historically been a bullish month for Bitcoin. According to the InvestAnswers server, Bitcoin could reach as high as $26,000 in the next four weeks, depending on the average return for October. Currently, the price of Bitcoin is at $ 19,341. The cryptocurrency is down 0.5 percent in the last 24 hours. cryptocoin.com As we have also reported, it entered the weekend with a flat course.
Bitcoin last recorded a price above $26,000 in June. It last hit over $25,000 in August. Compared to other months, the InvestAnswers host says October typically offers the third-highest average monthly returns. He draws attention to the following table on which he bases his argument.
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