Bitcoin The price broke out of its consolidated range by exceeding the $28,000 level on Monday, October 2. This notable rise represents a significant upside for the cryptocurrency and marks its first move beyond $28,000 since mid-August.
Cryptocurrency investors began to use machine learning tools more to predict the course of the Bitcoin price. The most important reason for this is that these tools can estimate the possible price by comparing different metrics in an easier and more sophisticated way.
Machine learning tools indicate that the BTC price may rise up to $30,403 as of October 31, 2023.
The forecast is made using several key technical indicators, including moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB) and more.
Bitcoin Price Analysis
Bitcoin is currently trading at $28,307, an increase of 3.99% over the last 24 hours and an increase of 8.61% over the previous week. However, the move that increased the price above $ 28,000 was the most important step that reinforced this positive outlook. The market value is currently around 552 billion dollars.
As we reported as Koinfinans.com, analyst Michaël van de Poppe is among those optimistic for October and the entire fourth quarter of 2023. He attributes this positive sentiment to the potential approval of spot Bitcoin exchange-traded funds (ETFs) and the traditional pre-halving price increase.
If these developments progress as expected, the price has the potential to rise up to $40,000.