Bitcoin Surges Above $28,000, Could Reach $40,000 in Q4
Bitcoin (BTC) broke through the $28,000 milestone on October 2, marking its first rise above this level since mid-August. This breakthrough comes after BTC successfully surpassed a critical resistance and after a month-long accumulation by crypto investors.
Potential Bull Run Ahead
A prominent cryptocurrency expert, Michaël van de Poppe, believes that this could be just the beginning of a significant bull run for BTC. Poppe suggests that October and the entire Q4 of 2023 may bring back optimism among investors due to potential spot Bitcoin exchange-traded fund (ETF) approvals and the typical pre-halving price surge.
“Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.”
– Poppe wrote in a tweet.
Poppe predicts that if these factors play out as expected, Bitcoin could surge to as high as $40,000 in Q4, implying a potential upside of over 40% from its current price.
Challenges on the Path to $40,000
Before Bitcoin can reach $40,000, there are several major hurdles to overcome. One of them is reclaiming the $30,000 mark.
The recent surge above $28,000 came after cryptocurrency sharks and whales accumulated a combined $1.17 billion worth of BTC since September 1. Unless these investors start selling their holdings, it is increasingly likely that Bitcoin will return to $30,000.
Bitcoin’s latest price surge allowed it to break through a significant resistance zone between $28,042 and $28,234. This zone, formed by the 200-day simple moving average (MA) and 100-day simple moving average, now acts as support. If BTC stays above these levels, it can target the psychological threshold of $30,000 and face resistance at $31,092 – $31,830.
Hot Take: Bitcoin’s Potential for Growth
Bitcoin’s recent surge above $28,000 signals a positive trend for the cryptocurrency. With the potential approval of spot Bitcoin ETFs and the pre-halving price surge in Q4, experts like Michaël van de Poppe believe that Bitcoin could reach as high as $40,000. However, before this milestone can be achieved, Bitcoin must overcome challenges such as reclaiming the $30,000 mark. If successful, Bitcoin could experience a substantial bull run in the coming months.
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