Key Takeaways
- Crypto consultants speculate that the crypto market, together with BTC, may probably acquire 30% or extra.
- Present worth motion and optimism would see the worth rally in direction of potential new all-time highs.
- Regardless of the current market dump, total market sentiment stays bullish forward of a brand new month-to-month candle.
The worth of Bitcoin (BTC) has struggled in the previous few weeks, buying and selling under the important thing zone of $108,800, whereas the worth of Gold continues to create new all-time highs, as merchants and traders stay optimistic that BTC will catch up in worth.
Whereas the worth of the primary crypto asset has struggled to indicate robust bullish momentum in August and September, traders and consultants proceed to counsel that the worth and the broader crypto market have a robust upward cost within the coming weeks or months.
With the market poised to shut the month-to-month candle, a robust shut may result in its worth buying and selling with robust worth motion to the upside.
BTC Month-to-month Value Evaluation
Supply – BTC Value Chart from TradingView
The worth of Bitcoin (BTC) reached a brand new all-time excessive of $124k, surpassing market expectations of a possible $130k. Nevertheless, the worth suffered a decline towards a area of $108,000, the place it solidified its rebound, rising above a key demand zone to a excessive of $117k.
Following its rally to such a excessive, the worth additional declined to $108,800, a earlier key zone, because the market was anticipated to interrupt this area to the draw back and probably towards $100k.
Value rapidly rebounded from this zone to commerce greater, round $114,500, because it goals to shut the month-to-month candle strongly. If the worth continues its push above the $117k resistance within the coming hours to days, it may rally greater in direction of new all-time highs in a couple of days or even weeks.
This rally may additionally assist solidify the expectations of merchants and traders concerning the crypto market performing nicely in October.
October Optimism Nonetheless Energetic
The crypto market is stuffed with large optimism concerning the beginning of October, as traditionally, this month has been the best-performing month for the market, with a mean rally of 27%.
If historical past is to repeat itself tomorrow, we may see the market rally to new highs for a lot of altcoins, together with Solana, DOGE, ETH, and the primary crypto asset, BTC, probably reaching new all-time highs.
FAQs
How a lot is BTC proper now?
Bitcoin presently trades round $114,000 following a current market worth crash.
Why is Bitcoin worth dropping?
The worth of Bitcoin may see a robust market push to the upside if the worth breaks above the important thing 117k resistance.
Is Bitcoin going up or down immediately?
The worth presently trades in a variety channel because it nears a significant breakout.
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Ethereum (ETH) Might Drop to $2,400? – Merchants React