Bitcoin Price Prediction, Will Bitcoin breach the consolidation zone
- BTC price faced rejection around the $28,000 level at the 200-day moving average
- BTC price rejected from the channel pattern top and is now within a descending trendline
- Examining the 4-hour chart, we see a breakout from a falling wedge pattern, with the price surpassing $27,500 resistance
Bitcoin Price Showcases Lucrative Pre-Halving Declines
Bitcoin price is currently in a critical technical range, and its short-term performance holds substantial influence over the market's trajectory in the coming weeks. Following a recent decline in momentum, the BTC/USD pair has established stability above the $27,500 mark. This level is above the previous month's low of $24,901 but just below the recent peak at $28,580. It's noteworthy that Bitcoin found a support level at $27,200 and is currently displaying bullish signals, indicating the potential for further upward movement, contingent on its ability to breach the $27,850 resistance.
Bitcoin has experienced a decade of October gains.
Over the years, October has been a bright spot for Bitcoin. In 2021, it surged 39.93%, and in 2020, it gained 27.7%. In 2017, October ended with a bullish jump of 47.81%, and the most significant October increase of 60.79% happened in 2013. This historical data fuels optimism in the crypto community, kindling hopes for another positive October for Bitcoin. Despite current market conditions, it's worth noting that we're still early in the month, allowing space for potential market turnarounds.
Technical Views:-
According to Coingabbar Price Analysis, Bitcoin briefly surpassed major bull market moving averages, including the 21-Day EMA, 100-Day EMA, and 200-Day EMA. However, it's now below the 100-Day EMA, adding complexity to the bullish outlook. The 20-Day EMA at $26,900 is crucial; a breach could trigger a sell-off to test the 50-Day EMA at $26,500. The MACD indicator suggests buying potential. Watch how Bitcoin reacts at $27,000: a rebound to $30,000 or a retest of support at $26,500 or $25,000.
KEY LEVELS :
RESISTANCE LEVEL : $28,000-$28,600
SUPPORT LEVEL : $27,200-$26,800
Will BTC's price experience a rebound before the weekend? Is Bitcoin kicking off October with a significant upturn, potentially breaking through the 200 SMA resistance? Can the Bull Market EMAs come to the rescue of the uptrend? Does the Bitcoin RSI analysis hold any weight? Please share your views in the comments below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
