The most valuable digital asset on the planet, Bitcoin (BTC) price, is recovering after making fresh weekly lows. The pioneering cryptocurrency is battling with the 200 MA on the daily chart, which has been acting as a huge resistance since August’s sell-off.
After retesting the Monday lows, the BTC price is gaining strength once again. The digital token fell to $27,212 on Tuesday, but the bulls stepped in at the Monday lows. On Wednesday, the price is up 0.44%, but the traders remain cautious of another drop.
Bitcoin Dominance Soars To 50.5%
The Bitcoin Dominance (BTC.D) is a good measure of the strength of Bitcoin. It shows the direction of the flow of capital in the crypto markets. After a breakout from the downward trendline in September, BTC.D has soared to its highest level since the mid of August.
This suggests that the focus of the traders is shifting from the altcoins to the biggest digital asset by market capitalization. The recent BTC price action of the medium-capped cryptocurrencies confirms this trend as the capital flows out of the altcoins.
Crypto traders rush to Bitcoin as a safety whenever there is a risk-off sentiment in the markets. Considering the following chart, Bitcoin dominance may soar to its June 2023 highs if it breaks its 50.75% resistance level in the coming days.
Traders Bet On Spot BTC ETF Launch
Since Greyscale’s court victory against the SEC, many analysts believe that a spot Bitcoin ETF could be only a few months away. Many Bitcoin maximalists are expecting a spot BTC approval as soon as within the next three months. However, there is still no official statement from the SEC on the matter.
Will Bitcoin Price Retest $20k Before Halving?
The much-awaited Bitcoin halving is only less than 7 months away. Bitcoin price has historically generated exponential returns after a major supply shock that occurs due to halving. Many technical analysts expect another major sell-off before the major event, which is set to occur in April 2024. A breakdown below $25,000 might confirm this bearish thesis.
Bitcoin Price Prediction As Uptober Begins
October is generally considered to be a very bullish month for the cryptocurrencies. That’s why many crypto enthusiasts refer to it as ‘Uptober’. After a 3.94% rebound in September, BTC to USD is already up 2.1% since the start of October. The following chart shows that the price is battling the 200-day moving average after facing an intense rejection earlier in the week.
To take a better shot at the Bitcoin price prediction, let’s analyze the price on a higher timeframe. The daily chart shows that the price has broken down after forming a rising wedge pattern. If the price gains strength above the 200 MA, I expect another retest of the bottom of the wedge from the downside. This gives us an approximate bullish target of $30,500.
Source: https://www.analyticsinsight.net/bitcoin-price-prediction-btc-may-surge-to-30500-very-soon/