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Bitcoin News: Analysts Reveal Forecasts For October As BTC Price Pushes Past $28,000

Analysts have unveiled their forecasts for October as the Bitcoin (BTC) price has pushed past the $28,000 mark. The cryptocurrency is currently experiencing an upward trajectory in October, firing up hopes for a productive month.

Analysts Predict A Bullish Run For Bitcoin Price In October

The month of October also referred to as Uptober in the crypto community has always been a bullish month for Bitcoin with a lot of gains. The cryptocurrency has always finished October with gains, doing so 8 of out 10 times since 2013.

According to crypto analyst Miles Deutscher, October has been one of the highest-performing months for Bitcoin. The crypto analyst highlighted this in a post on X (formerly Twitter), along with a graph of Bitcoin’s average monthly performance.

“Historically, October + November are the best performing months for #Bitcoin,” Miles stated.

Another crypto analyst who is also bullish on Bitcoin this month of October is Michael Van De Poppe. The crypto analyst believes that Bitcoin reaching a $40,000 mark is reasonable due to a pre-eminent Q4 of 2023, triggered by a Spot Bitcoin ETF approval and the pre-halving rally.

“Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally. Potentially #Bitcoin to $40,000 is reasonable.” Michael’s post on X read.

Crypto traders are also high-geared up with Uptober due to Bitcoin experiencing its first ever green in September since 2016, marking the strongest one Bitcoin has experienced since 2016. This pivotal movement of Bitcoin in September sets the pace for October (Uptober).

Crypto trader Ran Neuner also pointed out the last time Bitcoin experienced an upward trajectory in September and the positive effect of this significant move, along with a yearly chart of Bitcoin on a post on X yesterday October 1, 2023.

Additionally, On-chain analytics firm Santiment recently revealed on X that Bitcoin’s sharks and whale holders have now accumulated up to 13.03 million BTC in 2023, presenting a promising long-term outlook for Bitcoin.

According to the analytic firm, the whales and sharks addresses have been accumulating Bitcoin and Tether quietly for the past six weeks.

BTC Holders Are On the Rise

The expectations of approval of a Spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) have since had a positive effect on the BTC price. The crypto asset experienced a significant increase in adoption in different regions of the world.

The cryptocurrency recently pushed past its resistance level of $27,500 and it is currently being traded at $28,300 as of the time of writing. This shows that the cryptocurrency is slowly gaining momentum in what is established to be one of its most bullish months.

Co-founder of Reflexivity Research, Will Clemente revealed Bitcoin’s metrics of long-term holders (LTHs) and short-term holders (STHs) on X a few days ago, as well as data on Bitcoin’s holder supply, circulating supply, and adjusted supply.

The chart illustrated by blockchain data and intelligence firm Glassnode showed that three out of four Bitcoin are presently owned by long-term holders. The percentage of BTC supply held by Bitcoin’s long-term holders accounted for 76.09%, reaching its highest level ever and pointing to strong conviction among these ‘diamond hands.’

Bitcoin BTC price chart from Tradingview.com (Bitcoin News October)

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Why This Crypto Exchange Founder Believes Bitcoin Can Still Rise 150% From Here

The price of Bitcoin has fluctuated over the past month, but BitMEX co-founder Arthur Hayes is the latest crypto expert to make a bullish forecast for the asset. According to the former CEO of the cryptocurrency exchange BitMEX, Bitcoin could reach $70,000, and the only reason the asset is not yet at this price is because investors are fixated on the Fed’s nominal rate.

Bitcoin Can Still Rise 150%

Various predictions have come in regarding Bitcoin, with some being more bullish than others. As for Hayes, he made his case regarding BTC in his Crypto Trader Digest blog post in light of various actions by the US Federal Reserve to curb inflation. 

Since March 2022, the Fed has raised interest rates multiple times, causing many investors like Hayes to reconsider their predictions regarding the outlook of Bitcoin.

In the blog post, Hayes shared several metrics relating to the US treasury yield and GDP growth. Hayes began adjusting his forecasts by disputing the widely held belief that BTC’s value is negatively correlated with rising interest rates. 

A new outlook shows that the government’s spending rates and the current growth of GDP have driven down the actual treasury yield on 5% government bonds closer to 4%, making risky assets like BTC and stocks still attractive. 

Hayes believes the Fed will be able to continue down this path of raising rates, and investors’ search for positive real yields in response to this has translated into a bullish market for Bitcoin which began in March 2023. 

However, although Bitcoin is up by close to 29% since then, most of the market is still yet to catch on as everyone is focused on the nominal Fed rate and not the real rate.

“The reason why we aren’t at $70,000 is that everyone is focused on the nominal Fed rate, and not on the real rate when compared to the U.S.’s eye-poppingly high nominal GDP growth.”

Bitcoin price chart from Tradingview.com

BTC Price To $70,000?

While speaking at the Korea Blockchain Week, Hayes mentioned that the next Bitcoin bull market started on March 10, the day the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank (SVB). 

Hayes has actually made similar predictions regarding Bitcoin. Back in March 2020, the pundit made a prediction Bitcoin could rise from $8,000 and reach $20,000 by the end of the year. BTC’s price would later close the year 2020 at around $27,000. 

The BitMEX co-founder has previously expressed his discomfort on Spot Bitcoin ETF, from investment companies like BlackRock, calling them “crypto gatekeepers” who are only looking to balance their deposit base. However, Hayes believes a catchup by the market would Bitcoin survive more interest rate raise from Fed to skyrocket more than 150% from its current level by early 2024. 

At the time of writing, Bitcoin is trading at $26,320 and is up by 2.27% in a seven-day timeframe.

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Bitcoin (BTC) Will Test $14K Mark Instead Of Skyrocketing, Analyst

Despite Bitcoin recording substantial gains in the last few days, an analyst believes it’ll nosedive to $14k. Earlier this week, BTC experienced rocky times before giving the bulls something to cheer about. Despite the coin trading above its $20k resistance, popular trader Il Capo of Crypto believes it won’t hold this position for long.

The general sentiments surrounding bitcoin are positive, and investors are optimistic that the price will continue to rise. However, there is a lot of uncertainty regarding how far the price can go up. 

Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022

Analyst Sees BTC Nosediving To 14k Soon.

Il Capo of Crypto, a popular crypto swing trader with over 500k followers, shared some bearish sentiments about the coin. In his tweet on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it’ll show bearish signs and tip over to new lows. 

20500-21000 hasn’t been touched and there’s no ltf distribution. Expecting the last leg up soon. Then ltf bearish signs, and reversal to new lows (14k-16k). – Il Capo of Crypto.

As of writing, Bitcoin still hasn’t crossed the $21.4k mark and is currently trading at $20,035. It has also recorded a 1.48% decrease in value since yesterday. The market cap of the cryptocurrency stands at $383 billion.

Other Experts Think Otherwise

On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors speculate the market to rise to $28,000 after the move liquidated $75 million in leverage short (bear) holdings. According to Mustache, the declining channel continues to apply its pressure. However, there may be sufficient strength to challenge the upper channel trendline at $21,500.

The price movement on October 4 coincided with better circumstances for global equities markets. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period.

Surprisingly, morale rose amid job opportunities in the United States falling by 1.1 million in August. The drop was the biggest since April 2020. This indicates that the aggressive tightening of money by the U.S. Federal Reserve could end sooner than expected. Bitcoin may have broken the $20,000 barrier due to widespread optimism. However, this does not mean institutional investors are satisfied with the current price.

Bitcoin’s price is currently trading above $20,000. | BTCUSD price chart from TradingView.com
What Next For Bitcoin

It seems like Bitcoin is going through a phase where it is consolidating. There is a possibility that the price will fall back to $19,000 as the bears attempt to take control. If this happens, we might see a retest of the $14,000 level, as Il Capo of Crypto suggested. Conversely, if the bulls manage to push the price higher, we might witness another run towards the $25,000 level.

Related Reading: GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?

Recent news like the dollar DXY index drop and the Credit Suisse situation might help keep the market bullish. We can only see where the pioneer crypto moves in the coming days.

Featured image from Pixabay and chart from TradingView.com

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Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022

Billionaire Tim Draper has doubled down on his prediction that Bitcoin will reach $250,000 by the end of 2022.

Draper first made this prediction in 2018 when Bitcoin’s price was still trending below $10,000. Being a venture capitalist and tech investor, Draper has always had faith in the coin. Always taking any opportunity he could to show his support for the coin whenever he could.

The venture capitalist believes that Bitcoin will become an accepted mode of payment everywhere. Which he believes is what will drive the coin price up to the point he predicted.

“I’m Going To Be Right On This One”

Tim Draper has always had strong convictions when it comes to Bitcoin. His support for the coin has never wavered. He believes that Bitcoin will be at the center of all of the world’s financial activities for the next 20 years.

Related Reading | Will A Large Spike In Bullish Sentiment Translate To A Bitcoin Rally?

He continues on to state that he believes that the price of the coin will keep going up. His reasoning for this being that “because there are only 21 million of them.”

This is in reference to the limited supply of Bitcoin. When Bitcoin was created, there were only 21 million coins created that would end up going into circulation. Meaning 88.3% of the entire supply has been minted, and it happened in a decade. This scarcity of the coin is one of the reasons so many people believe the price of Bitcoin will rise exponentially. Because there are only so much coins that can be mined or bought.

So far, about 18.5 million Bitcoins have been mined. Leaving only 2.5 million coins left to be mined. It is forecasted that it will take about 120 years for the last coin to be mined. With halvings occurring every four years.

Not Backing Down On His Bitcoin Prediction

Tech investor Tim Draper still believes Bitcoin will reach $250,000 soon. Only slightly adjusting his earlier forecasts by saying it will hit that price late 2022 or early 2023.

At 63, Draper has been in investing for most of his professional life. He made his fortune making early investments in Twitter, Tesla, and more. Not new to the workings of the financial markets, he has said that Bitcoin will be a big player in the space. He pointed out that Bitcoin has a lot of positive features, saying that this is what will draw the masses to the coin.

Bitcoin price chart

Bitcoin back below $40k | Source: BTCUSD on TradingView.com

With regards to Bitcoin being used as a form of currency, Draper is quoted saying;

“Bitcoin will be the currency of choice. Bitcoin is not as easy to move around, but eventually, it will be. Then you will have a choice and you will say, hey, do I want to pay the banks 2.5% to 4% every time I swipe my credit card or do I want a currency that’s frictionless, open, transparent, global, and not tied to any political force?”

Bitcoin’s viability as an everyday currency has always been a hot topic in the crypto world. The fees associated with sending the coin has long been a bone of contention when it comes to using it to pay for everyday items. And in bull markets, the fees go up significantly, where fees can cost more than the amounts being sent in small transactions.

Related Reading | Hall Of Fame Investor: Bitcoin Is In A “Bear Market”

Speaking about the stock market, Draper disclosed that the stock market was no longer image. His intent is to devote his portfolio to the crypto market instead.

The billionaire believes that other companies will follow in the footsteps of companies like Microsoft and PayPal who have begun payments using cryptocurrency.

Draper also gave his opinion on Elon Musk and how his tweets have been impacting the crypto space. Saying that Musk got this one wrong, though he believes Musk to be one of the most brilliant men in the world.

Musk’s tweets have been the sole driving factor in the tremendous price increase of Dogecoin. A coin that was created as a joke but is now one of the highest gaining coins in the world.

Featured image from Bitcoin News, chart from TradingView.com