“Ultra boring” BTC price may surprise at weekly close
Bitcoin (BTC) closed the week on October 15 with uneventful trading conditions, but there is still hope for a breakthrough to $27,000. Despite lacking clear trajectory cues and quiet spot markets, Bitcoin remained around the key $26,800 level.
According to Michaël van de Poppe, founder and CEO of MN Trading, there is potential for a BTC price increase to $27,800. He mentioned that weekends are typically slow for trading, especially for Bitcoin. In his analysis, he stated that Bitcoin held at $26,500 after a double-bottom test and is currently fighting resistance. He expects another test of $27,000 to result in a breakout to $27,800.
Predicted volatility and support levels
Analyst Daan Crypto Trades noted that there has been no convincing close above or below the current trading range for several weeks. He highlighted the importance of a weekly candle closing above or below a “bull market support band” formed by two moving averages. This suggests that a significant move may be imminent.
Additional analysis suggests that volatility could increase by the end of the day, with the closing price of CME Group Bitcoin futures at $26,840 being an area of interest.
Bitcoin adoption curve model calls for $27,000 support
The $27,000 price level is gaining importance as potential longer-term support. Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, believes that this level will sustain as support around 75% of the time by the end of 2023 based on the relationship between price and adoption. Peterson’s chart demonstrates that Bitcoin spends 75% of its time above its adoption curve and predicts that it will reach $27,000 in 60 days.
In August, Peterson accurately predicted a 15% BTC price dip by October and expects it to reach $100,000 within the next three years.
Hot Take: Bitcoin’s Potential Breakout to $27,800
Despite the current “ultra boring” trading conditions, there is still hope for Bitcoin to break through to $27,000 and potentially even reach $27,800. Analysts suggest that the lack of significant movement over the weekend may be followed by increased volatility and a breakout in the coming days. The $27,000 level is gaining importance as potential longer-term support based on Bitcoin’s adoption curve model. If Bitcoin can sustain above this level, it could have bullish implications for its future price movements. Overall, while the current market may seem uneventful, there is still potential for Bitcoin to surprise traders with a significant price increase.
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