After an explosive start to the month – which saw major cryptocurrency prices surge – the crypto market is experiencing a substantial pullback today.
Bitcoin’s rally to the $28k price mark yesterday failed to breach the 200-day Simple Moving Average, resulting in a 3% correction in its price over the past 24 hours. Altcoins like Ethereum, Dogecoin and XRP are also mirroring BTC’s bearish move, experiencing strong declines themselves.
And yet, most experts remain bullish on Bitcoin in both the short and long term, fully expecting the “Uptober” scenario to play out. They are projecting BTC to close the month somewhere in the $32,000 to $35,000 price range, owing to the continued enthusiasm around Bitcoin spot ETFs, cooling inflation levels and favourable technicals.
With fresh capital expected to enter the market, a new cryptocurrency – Bitcoin Minetrix – is also being backed by popular traders to display a strong bull rally. In a short span of a week, the token ICO has already raised close to $400k in seed round funding.
Experts Give Bullish Bitcoin Price Prediction Despite Short-Term Losses
Over the past month, Bitcoin has continued to follow the trend of displaying a bullish breakout move, immediately followed by a near-full retrace of its rally. This trend continues to liquidate both the bears and the bulls, keeping the BTC trading market choppy.
Yesterday’s price action was no different, with the largest cryptocurrency hitting the $28k level without being able to hold it. BTC is currently priced at $27.4k, with the open interest in the token now down to the same level as before the initial rally.
However, Michael van de Poppe of MN Trading, who has close to 700k followers on X, reveals that BTC’s higher-time frame charts still look great, adding that the Bitcoin price can hit the $35k mark in the next 4 to 8 weeks if it continues to trade above the 200-week EMA.
Indeed, BTC’s technicals paint a bullish picture, with TradingView giving the token a “buy” signal in the daily time frame. The bulls would next hope to breach the crucial 200-day Simple Moving Average at $28037 to see a strong continuation.
Similarly, popular analyst @davthewave, who has close to 150k followers on X, reveals that the BTC weekly Gaussian channel has turned green, which traditionally marks the onset of the next bull run.
Trader and analyst @CryptoJelleNL, who has 50k X followers of his own, is much more bullish on BTC, predicting it to hit the $48k mark in the coming months, with $32k a strong possibility for October. He highlights that Bitcoin is back over its 21-week Explosive Moving Average, an indicator that has previously acted as a support for the bull market.
Benjamin Cowen of IntoTheCryptoverse, who has close to 800k followers on X, points out that the BTC dominance has successfully retested its bull market support band and continues to trend higher.
Apart from strong technicals, the anticipation around spot Bitcoin ETFs continues to give a major boost to BTC’s value. Despite the SEC delaying its decision on the pending applications once again, investors continue to believe that a spot BTC ETF is not a matter of if, but of when.
Bernstein analysts and other market insiders had already projected the ETF to be approved by early 2024, therefore, delays by the SEC are not dampening investors’ enthusiasm. On the other hand, US lawmakers – from both parties – are now actively and openly pushing the SEC to approve the ETFs, which can lead to more investors opening long positions on BTC.
Finally, Bitcoin may also be getting an unexpected but welcome boost from the US economy, as the PCE index recently showed signs of cooling inflation. While several Fed officials are signalling the possibility of another interest rate hike, experts such as Warren Pies of 3Fourteen Research see the move as unlikely.
In short, the market outlook on Bitcoin is distinctively positive and the token could be hitting the $35k price mark by the end of October.
‘Next Bitcoin’ Project Bitcoin Minetrix Approaches $400k In ICO
BTC is not the only cryptocurrency expected to surge in October – the new Bitcoin Minetrix altcoin is gaining strong traction in its ICO, having already raised $385k in just a week.
The project aims to make the Bitcoin mining industry accessible to retail investors, consequently offering an excellent opportunity to earn passive BTC rewards.
In the early days, mining Bitcoin was much more preferable than purchasing it in the open market.
