Bitcoin Price Prediction: Will BTC Soar To $30k In October From This Support?
A sideways trend has taken over the crypto market, especially for prominent cryptos like Bitcoin (BTC) and Ethereum (ETH).
Following last week’s rejection from highs above $25,000, Bitcoin price has struggled to stay above $26,000 support. This relatively trendless market can be attributed to the lack of liquidity and disinterest from retail investors who fear having to capitulate if declines rally below $25,000 support.
The Bullish Outlook In Bitcoin Price
The daily chart shows the formation of a rectangle pattern likely to validate a bullish breakout to $37,746. However, with the market structure still weak, another minor deep to confirm support of $25,000 and collect liquidity is required before the rectangle breakout.
The 200-week Exponential Moving Average (EMA) (purple) is in line at $56,606 to absorb most of the selling pressure and limit the need for Bitcoin price to stretch the down leg lower below $25,000.
Analysts and traders have conflicting views over the next direction Bitcoin is likely to take. For instance, Rekt Capital, followed by over 353k people on X (formerly Twitter) recently opined that “BTC is positioned for a weekly close above ~$26,000 but below the bull market support band where price is rejecting.”
#BTC is positioned for a Weekly Close above ~$26,000 but below the Bull Market Support Band where price is rejecting
Could the Bull Market Support Band soon reject price back to ~$26k for a retest attempt?
If so, that would be a pivotal retest$BTC #Crypto #Bitcoin pic.twitter.com/fDPk4KabJR
— Rekt Capital (@rektcapital) September 17, 2023
In another update, the trader added that “Bitcoin has since dropped (to $26,000 support). However, that doesn’t change the possibility of potential upside wicking beyond the Lower High resistance in the event of a 2019-style October return of +10% next month.”
“It just changes the peak price point of such a move which would be ~$28710 from current prices.”
Historically, August and September are months characterized by the lowest liquidity but according to Rekt Capital, “October tends to be a very positive month for Bitcoin.”
Nevertheless, there are a lot of similarities between 2019 and 2023 based on the table shared on X by Rekt Capital which implies that Bitcoin price may manage to rally by 10% only in October to $29,200.
In such a case, traders can expect BTC to form a long wick above the resistance shown on the chart in yellow before rolling back and confirming the move as a relief rally.
A glance at the weekly chart shows Bitcoin price below two of the bull market’s moving average indicators; the 21-week EMA (red) and the 100-week EMA (blue) and above the 200-day EMA.
This negative sentiment coupled with a sell signal from the Moving Average Convergence Divergence (MACD) may confirm the sweep through support at $25,000 ahead of the run-up toward $30,000.
Invalidating The Bullish Market
Sustained movement below the primary support at $25,000 would do a lot of damage to the anticipated bull market. Investors are likely to sell in panic and add to the selling pressure. A minor sweep below $25,000 could develop into a full-blown sell-off to $22,000 and if push comes to shove retest $20,000 before another significant recovery begins to play out.
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