Bitcoin Poised for Bullish Surge with Potential Return to $30,000, Forecasts Analyst
Summary:
On September 27, Bitcoin (BTC) demonstrated a bullish trend, breaking new ground and leading one analyst to predict a return to $30,000 by October. Various sources tracked this upward trajectory, attributing the rise to bullish forces in the market. Increased whale activity was also noted, reaffirming the positive sentiment. Despite ongoing market volatility, BTC/USD traded at around $26,700 during press time. Readers are reminded to undertake thorough research before making investment or trading decisions.
As Wall Street trading commenced on September 27, Bitcoin (BTC) exhibited a bullish surge, leading one expert to forecast an October comeback with a return to $30,000. BTC/USD 1-hour chart. Information was sourced from both Cointelegraph Markets Pro and TradingView, tracking BTC's price movement as bull forces converged, pushing its value up to a near-weekly high of $26,823 on Bitstamp.
The 2% rise occurred amidst speculation from market observers of looming slim overhead resistance. A potential breakout was said to be imminent if no market reinforcements arrived. The well-known trader, Skew, anticipatively commented that due to an observed liquidity shortage, a potential rise can trigger from perps. Such a scenario, Skew added, can manufacture beneficial opportunities related to tempo imbalances and future premiums.
Data from Material Indicators, an on-chain monitoring tool, noted an increased activity among a certain group of market-impacting whales. Material Indicators indicated how crossing over the $26,500 threshold deflated a previously signaled caution alert. This warning signal arose due to the 'death cross' occurrence in the daily chart at the week's outset.
Cryptocurrency analyst Michaël van de Poppe, speaking in part of the day's coverage, optimistically proclaimed, "Bitcoin is up and breaks above crucial areas," and expressed the desire to see an upswing to $26,500. If achieved, he asserted, it could smoothly pave the way for a $30,000 Bitcoin price projection in October.
Monitoring platform CoinGlass concurrently confirmed that the number of short liquidations remained minimal, with roughly $13 million in BTC shorts liquidated at the time of reporting, and a cumulative cross-crypto figure at $39 million. As fluctuation persisted, BTC/USD traded at about $26,700 at the time of publishing. Note, this article offers no investment advice or recommendations. Every investment and trading move has its risks, therefore readers are encouraged to engage in their own detailed study before decision making.
Published At
9/27/2023 1:01:40 PM
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