In a decisive move, Bitcoin (BTC) broke the $28,000 threshold on Monday, October 2. Accordingly, it survived its weeks-long consolidation in a limited trading range. This notable rise represents a significant upside for the cryptocurrency. It also marks its first move beyond the $28,000 mark since mid-August.
What’s next for Bitcoin?
This impressive breakthrough is spurred on by BTC triumphantly breaking through a crucial resistance level. It also completed the phase, which lasted about a month and was characterized by strategic accumulation among crypto investors. As the crypto market continues to evolve, traders and investors are now turning their attention to sophisticated machine learning algorithms. They especially look for those who specialize in Price Predictions.
The aim is to take advantage of these advanced tools while examining the course of Bitcoin towards the end of October. Also, consider the possibility of breaking the tough $30,000 resistance level once again. Interestingly, AI tools predict that Bitcoin price will break above the $30,000 resistance on October 31, hovering around $30,403.
BTC price analysis
Bitcoin is currently trading at $28,307. Accordingly, there is an impressive increase of 3.99% in the last 24 hours. On the other hand, this level reflects an even more significant rise of 8.61% over the previous week. As Bitcoin increases, it also drags altcoins behind it. Ethereum is also trading at $1,731 at the time of writing.
The market value of BTC increased from $528 billion to $552 billion. Accordingly, there was a significant increase of $24 billion in just a few hours. The total value of the market has reached 1.12 trillion dollars.
An important perspective from the analyst
Famous trader and analyst Michaël van de Poppe provides notable perspective. Accordingly, he expresses optimism 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.
Depending on these factors developing as expected, Poppe suggests that it is plausible for Bitcoin to rise as high as $40,000 in Q4. This prediction implies a potential upside of over 40% from the current price. On the other hand, when we look at it as cryptokoin.com, it offers an attractive prospect for investors.
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