The Bitcoin Bull Run Continues in October
In October, the price of Bitcoin (BTC) experienced a strong bullish movement, reaching a new yearly high of $35,200 on October 24. Several crypto traders made accurate predictions about Bitcoin’s price during this period, resulting in significant profits.
Elliott Wave Theory Predicts Bullish Trend
One popular method used by technical analysts to predict price patterns and trends is the Elliott Wave theory. This theory was employed by cryptocurrency trader Bluntzcapital, who correctly predicted that the recent decrease in Bitcoin’s price was part of a corrective structure. Based on this analysis, it is expected that the trend will now be bullish, leading to a significant upward movement.
Trading Range Indicates Price Increase
Cryptocurrency trader CryptoGodJohn made a prediction on October 6 that Bitcoin’s price would surpass $37,000. His analysis was based on the fact that the midrange at $24,700 held. The subsequent movement in Bitcoin’s price has closely followed this prediction. While it remains to be seen if the price will reach $37,000, there are resistance levels at $36,000 and $40,000 that could prevent further upward movement.
Potential Rejection and Support Levels
If Bitcoin’s price is rejected at the $35,000 resistance level, there is a possibility of a 10% decrease with the closest support level at $31,200. However, if the price continues to rise, a 4% increase would take it to the first resistance level and a 15% increase would be needed to reach $40,000.
Hot Take: Bullish Momentum Continues for Bitcoin
The bullish momentum for Bitcoin shows no signs of slowing down in October. With accurate predictions from traders using different methods, such as the Elliott Wave theory and analysis of the trading range, it is clear that Bitcoin’s price is poised for further upward movement. However, there are potential resistance levels that could impede its progress. It remains to be seen whether Bitcoin will reach new all-time highs in the coming weeks.
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