24/7 Cryptocurrency News

Bitcoin Price Prediction As BTC Inflows Threaten “Uptober” Gains, Bearish Signal?

Bitcoin price battles to reclaim $28,000 support ignoring a massive influx of 14,924 BTC into Kraken, the highest since 2018.
Published by
Bitcoin Price Prediction As BTC Inflows Threaten “Uptober” Gains, Bearish Signal?

Bitcoin price is barely holding in the green, increasing by 0.6% over the last 24 hours to trade at $27,227 on Friday. This week’s correction from highs above $28,000 has sparked discussions regarding the bottom level ahead of the bull run.

Some analysts like Rekt Capital say that if $31,000 was the peak in 2023, it would take Bitcoin price months before seeing this level again.

However, he encourages investors to keep booking their positions prior to the halving in 2024, noting that this might be the only time to buy BTC within the $20,000 range because the price will be much higher after miner rewards have been halved.

Advertisement

Can Bitcoin Price Breakout To $30,000?

Bitcoin bulls are doing all they can to prevent declines from extending below $27,000. As long as this support is secured, investors would be encouraged to keep their positions open without worrying about potential dips to $26,500 and $25,000 support areas.

The 100-day Exponential Moving Average (EMA) reveals that buyers have the upper hand, serving as the immediate support at $27,346. On the upside, bulls are facing bears in a heated tug-of-war to break resistance at $28,000, coinciding with a falling trendline.

Bitcoin has been rejected from this trend several times since July, implying that until it is broken, the chances of returning to $30,000 would be minimal.

BTC/USD daily chart | Tradingview

The Relative Strength Index (RSI) dons a bullish outlook as it ascends within the neutral 0.000 area toward the overbought region. A bullish divergence relative to BTC price reinforces the presence of bulls on the market.

Another incoming buy signal is the golden cross. This pattern occurs when a short-term moving average crosses above a long-term moving average. In Bitcoin’s case, the 50-day EMA is on the verge of flipping above the 200-day EMA to affirm the uptrend.

Advertisement

14,924 BTC Flow Into Kraken Exchange

A record 14,924 BTC have been deposited into Kraken exchange, according to the on-chain analytics platform, CryptoQuant. An analyst at the firm said that this influx of Bitcoin “deserves special attention as it is the largest recorded on Kraken since 2018.”

Investors send crypto to exchanges intending to sell at the earliest convenience or when in profit. Hence, such a massive inflow implies that selling pressure could be imminent.

For now, investors may want to check a few boxes as they endure the bear market. For example, reclaiming support above $28,000 could propel Bitcoin price closer to $30,000. On the downside, losing support at $27,000 could hamper the uptrend and trigger a sell-off to $25,000.

Related Articles

Advertisement

Share
John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization

The XRP Ledger (XRPL) has launched the Multi-Purpose Token (MPT) standard, designed to simplify and…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown

The U.S. Securities and Exchange Commission has announced plans to streamline its operations amid the…

October 1, 2025
  • 24/7 Cryptocurrency News

Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility

Pi Network has now added two new features to its Testnet. These are a decentralized…

October 1, 2025
  • 24/7 Cryptocurrency News

October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges

U.S. private payrolls unexpectedly fell in September, raising market bets that the Federal Reserve will…

October 1, 2025
  • 24/7 Cryptocurrency News

Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility

Asset manager Hashdex has officially included Cardano in its Nasdaq Crypto Index U.S. ETF. This…

October 1, 2025
  • Bitcoin News

U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy

The U.S. Treasury and IRS have released an interim guidance, which highlights plans to ease…

October 1, 2025