BTC Price Analysis: How High Will Bitcoin Go This ‘Uptober’?
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Losing the spirit of October for a moment last week, the BTC price action underwent a minor correction phase. Taking a reversal from the $28,000 mark, the correction phase led to a bottom formation close to $26,700, dropping below the 200-day EMA.
With such a high speed reversal, the Bitcoin price prediction highlights a possibility of a bullish long jump this season.
Over the weekend, the BTC price regained the bullish momentum, with the Bitcoin spot ETF decision coming tomorrow. With such high sentiments, the buyers regained the trend momentum, leading to a 3.37% growth over the last 48 hours.
The price jump leads to a couple of bullish engulfing candles, surpassing the 200-day and 50-day EMA. The Bitcoin price action currently trades at $27,743, with an intraday growth of 2.08%.
Furthermore, the sudden reversal in BTC price creates a rounding bottom reversal with a neckline close to the $28,000 mark. Therefore, if the buyers are able to assert dominance over the $28,000 mark, the uptrend will have a higher chance of reaching $30,000.
Technical indicators:
RSI: The RSI line mimics the price reversal and displays an uptick to rise above the halfway line and the 14-day SMA. Moreover, it approaches the overbought boundary. The daily RSI line significantly improves the underlying bullish sentiments with this reversal.
EMA: The 50-day and 200-day EMA maintain a bullish alignment, and the sudden reversal in price brings an uptick in the 50-day EMA. If the bullish momentum sustains, the EMAs will provide dynamic support to BTC price.
Where is the Bitcoin (BTC) Price Heading?
Considering the uptrend exceeds the $28,000 mark, $30,000 is the next milestone for the BTC price. However, with the higher sentiments this ‘Uptober,’ a sentiment fuel rally can cross multiple resistance levels. In such a case, the $31,600 mark can be broken, and the buyers can touch the $35,000 mark.
On the flip side, the chances of a bearish reversal are minimal. However, if the sellers remain dominant at $28,000, with the SEC delaying the confirmation of Bitcoin’s spot ETF, a sideways trend is possible. In such a case, the price trend might again test the $27,000 mark.
Filed under: Bitcoin - @ October 16, 2023 5:52 am