Bitcoin’s price has been holding above a crucial support level but has been trading sideways, waiting for a decisive move. The traditional markets have also witnessed important events, with some indicators hinting at potential market shifts.
Recently, Santiment observed that Bitcoin crossed the $28,000 mark, a level it hasn’t seen since August 17th. They also noted that many wallets holding 10,000 bitcoins had acquired $1.17 billion of Bitcoin since September 1st. If these wallets don’t start selling, Bitcoin could potentially reach $30,000 again.
Will Bitcoin Price Go Up?
Bitcoin is comfortably above a critical support level, which is a positive sign. Bitcoin might drop to around $26,400, a crucial level he closely monitors. Meanwhile, the Dollar Index remains strong, with a minor weekly pullback.
Analyst by the name Satoshi Stacker, has examined traditional markets during election years. Remarkably, they are currently aligning closely with historical averages. As depicted in the chart, we find ourselves in a situation mirroring past election years. So far, this alignment appears favorable.
Another trader and famous analyst, Michaël van de Poppe, shared his positive outlook on the social media platform X this week.
He wrote, “Welcome to Uptober. Welcome to Q4, leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially bitcoin to $40,000 is reasonable.”
A trader and analyst named Cryptobullet shared an analysis on social media, highlighting the possibility of Bitcoin returning to $20,000. He pointed out a pattern known as a “giant head and shoulders,” indicating a potential rise to $28,000 and a decline back to the $20,000 range.
Furthermore, there’s exciting news always brewing in the cryptocurrency market. FTX secured funding from Google, potentially valuing the company at billions of dollars. This development could have positive implications for FTX customers.
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