Bitcoin Price Prediction: Will BTC Soar To $30k In October From This Support?

John Isige
September 25, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal 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.
BTC price chart

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.

Advertisement
Advertisement

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.

BTC price chart
BTC/USD weekly chart | Tradingview

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.”

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.”

BTC price chart
BTC/USD price chart | Rekt Capital

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.

Advertisement
Advertisement

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.

Related Articles

Advertisement
coingape google news coingape google news
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.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.

About Author
About Author
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.
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.