The cryptocurrency community survey on CoinMarketCap made short-term price predictions for Bitcoin and Ethereum. Here are the expectations of investors from the new month…
Crypto community sets bullish Bitcoin price for October 31, 2022
Bitcoin (BTC) hit the high of recent weeks when it surpassed $20,000 on Tuesday, September 27. However, it is still trading in a narrow range. The cryptocurrency community survey on CoinMarketCap predicts that Bitcoin will reach $22,857 by the end of October 2022, up 13.18% from its current level. Respondents anticipate an increase of over $2,661.
What analysts are saying about Bitcoin
According to analyst Michaël van de Poppe, the momentum for the day consisted of a ton of spot volume in Bitcoin. He also suggested that potentially extending Bitcoin and exposing the dollar is a good idea, and that the crypto community could move close to his proposed end-October zone:
It depends on today’s indices, but it looks like we could at least look at $23,000 for some relief. Time to extend BTC. Time to shorten DXY. Probably this kind of period.
Bitcoin has been fluctuating between $18,000 and $25,000 since mid-June. The drop comes after a meltdown, which has shed nearly $2 trillion from the value of the entire cryptocurrency market since reaching the ATH level in November. Meanwhile, Ethereum price has also moved away from the ATH price by more than 50% by the same proportion.
Crypto community expects bullish price for Ethereum by the end of October 2022
Community votes on CoinMarketCap predicted that Ethereum will trade at an average price of $1,578 on October 31, 2022. Specifically, the price prediction that the crypto community has come up with for Ethereum after 2,244 votes shows that they expect an increase of $186.89, or 13.34%, from its current price.
The community is slightly less bullish in terms of forecasts for the end of November. They currently stand at $1,565.99 with 1,104 votes cast. This would represent an increase of $174.34, or 12.53 percent, to the current price of Ethereum.
Ethereum price analysis
With a few exceptions, Ethereum has been on a downward trajectory since the beginning of the year. According to data from CoinMarketCap, it lost nearly 63% from its January 1 price of $3,722.
By the way, cryptocoin.com As we reported, Google’s interest in selling Ethereum increased by 16% last year. Meanwhile, investor interest in selling Bitcoin (BTC) recorded a 12-month low.
At the same time, banking giant JPMorgan Chase expressed concerns about the future of the network after the recent merge upgrade that officially marked Ethereum’s transition from mining to proof-of-stake. Ethereum couldn’t escape the sell-off after rising around 5% today. At the time of writing, it is trading at $1,322.65.
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