Was the recent rise in Bitcoin price a trap? Or was it a signal for further uptrend? Analysts’ predictions about the price!
October brought renewed hope to the crypto market as BTC experienced a minor pullback before surging to $28,600 on Tuesday. This rally was welcomed by many who hoped that the new month would bring better expectations for the crypto market after a low volatility period in the third quarter.
One of the fundamental factors contributing to this enthusiasm is the development in Bitcoin’s fundamentals and technicals. On Tuesday, crypto analytics firm Santiment highlighted the significance of some significant transactions made before Bitcoin, for the first time in six weeks, surged above $28,000.
According to the firm, these transactions ranged in value between $187 million and $346 million. Additionally, the firm emphasized that Bitcoin’s supply had decreased from 5.99% to 5.73% since September 1, a trend considered a positive sign for the market.
The firm also reported that Bitcoin whales had been accumulating Bitcoin and Tether (USDT) over the past six weeks. As of September 29, these whales held a total of 13.03 million BTC, the highest amount in 2023. Tether whales and sharks have also been accumulating their buying power, with wallets holding 100,000 to 10 million USDT possessing a total of 15.03 billion tokens, the highest in six weeks.
Crypto analysts are also sharing positive views on Bitcoin. Adrian Zduńczyk predicted a BTC price target of $40,500. His prediction is based on a durable bull market, rising dominant trends, and a six-month consolidation period implying explosive breakout potential. Crypto veteran Peter Brandt shared a positive outlook for Bitcoin, confirming the inverse head and shoulders formation.
Another crypto analyst, Rekt Capital, noted that Bitcoin encountered resistance around $27,100 in September but managed to break it in October. According to him, reclaiming this resistance as support could lead to further price increases.
However, cautious voices are also heard in the optimistic environment. Some analysts pointed out similarities between the current Bitcoin chart and the 2020 chart, suggesting that the exit from the current triangle pattern could be significant.
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