• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Bitcoin mining chips

    Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

    Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy

    Bitcoin whale MicroStrategy invests more in Bitcoin during dip

    Polkadot price

    Polkadot price prediction: DOT to rise to $20.00

    Litecoin price prediction

    Litecoin price prediction: LTC rebounds after failing to reach $120

    Bitcoin mining

    Bitcoin Miners in China hit with dearth of chips

    Ripple Price Prediction 22.01.

    Ripple price prediction: XRP rejecting further upside at $0.31

    Ethereum price

    Ethereum price prediction: ETH to retest $1,400 resistance

    UK police appoint Komainu to custody seized cryptos

    UK police appoint Komainu to custody seized cryptos

    Bitcoin Price Prediction

    Bitcoin price prediction: BTC/USD tested $30k support before moving higher

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    Bitcoin mining chips

    Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

    Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy

    Bitcoin whale MicroStrategy invests more in Bitcoin during dip

    Polkadot price

    Polkadot price prediction: DOT to rise to $20.00

    Litecoin price prediction

    Litecoin price prediction: LTC rebounds after failing to reach $120

    Bitcoin mining

    Bitcoin Miners in China hit with dearth of chips

    Ripple Price Prediction 22.01.

    Ripple price prediction: XRP rejecting further upside at $0.31

    Ethereum price

    Ethereum price prediction: ETH to retest $1,400 resistance

    UK police appoint Komainu to custody seized cryptos

    UK police appoint Komainu to custody seized cryptos

    Bitcoin Price Prediction

    Bitcoin price prediction: BTC/USD tested $30k support before moving higher

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Bitcoin News

Bitcoin price prediction – Bulls start October on a high note above $10,000

Gurpreet Thind by Gurpreet Thind
October 2, 2020
in Bitcoin News
6 min read
Bitcoin price prediction – Bulls start October on a high note above $10,000
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter
  • Crypto pundit’s Bitcoin price prediction is turning merky as price oscillates between $10,500 and $10,900
  • A monthly and quarterly close above $10,000 level confirms macro bullish case
  • RSI and MACD overstretched on the hourly timeframes signalling a correction
Bitcoin price prediction – Bulls start October on a high note above $10,000 1
Cryptocurrency heat map by Coin360

Bitcoin price prediction: Current price overview

The pair started the day at $10,780 with an upward bias built by the bulls. The price moved to touch $10,940 only to be rejected by the upper resistance at $11,000. Bitcoin price prediction is getting more and more confusing as price lingers around $10,500 mark.

As the ‘Triangle Pattern’ evolves further and heads towards completion, the price is finishing its correctional trend post the sell-off. Moving averages, both exponential and simple, are signalling another short-term bearish phase on the hourly charts. Price is playing in between the lines and indicating that a fresh round of sell-off is in the offing as bears will resume their onslaught.

A correction in the downward trend is likely to continue for the next few hours, and the price can test the $10,200 support levels once again on the daily charts. A nominal Bitcoin price prediction will be that BTC/USD can rebound swiftly after testing the $10,200 support as buyers will emerge after the correction to target the next rally for $11,755 price level.

RelatedPosts

Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

Bitcoin whale MicroStrategy invests more in Bitcoin during dip

Bitcoin Miners in China hit with dearth of chips

Bitcoin price prediction: BTC/USD tested $30k support before moving higher

Bitcoin price movement in the last 2 hours

Bitcoin price prediction – Bulls start October on a high note above $10,000 2
Bitcoin price chart by TradingView

Additionally, ‘Relative Strength Index’ will signal if a renewed impetus will help bulls take the driving seat in the BTC/USD price pattern. The trend line for the current RSI levels is neutral with a downward bias. A move towards the lower end of the ‘Triangle Pattern’ will be crucial to building a rebound story.

A clear rejection of the ‘Triangle’ trend will mean that prices can move lower and touch $9,655 region. A further breakdown in Bitcoin price can bring $9,035 region into the picture. However, if the price sustains above the current $10,500 support level, the long-term bullish trend will be confirmed, and the Bitcoin price prediction will indicate a move towards $11,205 level.

BTC/USD 4-hour chart – Bulls are building the momentum

Bitcoin price prediction – Bulls start October on a high note above $10,000 3
Bitcoin price chart by TradingView

Bitcoin price surged 1.95% in the past 24 hours and is edging towards the near-term resistance at $10,930 level. BTC/USD touched a low of $10,677 yesterday and bounced higher to challenge $11,205 resistance.

Trading volumes picked up in the last 24 hours signalling an end to the consolidation, at least on smaller one-hour and 30-minutes time frame. A rising trade volume surge across significant crypto exchanges has invigorated BTC bulls. The RSI is rising fast on the hourly charts along with widening Bollinger bands.

The premier cryptocurrency, though sluggish, is well above the $10,500 support and the SMA 20 curve. There is clear momentum in the MACD indicator signalling an upcoming buyer’s interest. The SMA 50 curve resistance stands at $11,065, which is the immediate bull target. The 4-hour price chart shows a series of lower highs which threatens the bulls in case resistance is not taken down soon.

Bullish quarterly candle and monthly candle closes above $10,000

A major monthly and quarterly bullish candle marked the end of September in BTC/USD price. Even though volatility and volumes were insignificant, the bullish candle represents a bullish signal. The ability to hold $10,500 support means that bulls will be in the driving seat soon.

The monthly close above $10,500 resulted in a short bullish boost that took the price to $10,920 level. BTC/USD price is yet to witness a strong bullish movement on the hourly charts, but the candle will provide impetus to technical traders.

Where the price heads in the next few days will depend if the bulls can confidently push beyond the $11,000 resistance, the resistance zone between $11,000 and $11,200 represents a seller’s region where profit booking can bring the ascent down quickly. Unless the price falls below $10,200 level, it is hard to ignore the bullish macro picture in the Bitcoin price prediction.

.@KeiserReport has been pounding the table on #Bitcoin/Gold inverse relationship with $USD for many years. Added evidence that Gold and BTC have a common enemy. Gold bugs who fail to see this have Schiff for brains. https://t.co/ODb2fb0aVf

— Max Keiser (@maxkeiser) August 21, 2020

Despite the tight rangebound movement, the quarterly and monthly bullish candle validates the mid-term bull scenario in Bitcoin price prediction. This the third straight quarter when Bitcoin price has closed above the $10,000 support level. It shows that Bitcoin has survived pandemic, market turmoil and geopolitical tensions reasonably well. A deflating dollar will further boost Bitcoin’s value. The 2020 US Presidential elections will be another event affecting Bitcoin price prediction.

Confluence of technical indicators signals impending bullish movement

There are numerous factors that will contribute to the next bullish move. There are new BTC addresses entering the trading arena. The daily active addresses hit an all-time high on September 1. The figure has remained constant since then meaning that traders are actively looking to take part in BTC/USD trading.

$BTC monthly

If you're a believing man, this is a bullish retest and any dips towards $10.1k are for buying.
If you're a doubter it's really hard to be bearish as long as that block stands in the way so might be time to be patient to see where this month goes. pic.twitter.com/bOnLwMni4O

— DonAlt (@CryptoDonAlt) October 1, 2020

Velocity indicator by Santiment shows the number of times the address of a Bitcoin has changed, on an average. A higher Velocity figure means that daily transactions are rising. So, lower the indicator, higher will be the BTC price. Interestingly, Velocity has decreased in the past few days, indicating that traders are holding their coins.

The daily confluence indicator is currently showing strong resistance at $10,800 level. If this resistance is taken down confidently, bulls can quickly start a new wave that can take the price to $12,000 on the hourly charts. The ‘stock-to-flow’ model is also showing an upward bias for Bitcoin price prediction.

Bitcoin price prediction – Conclusion

The ascending parallel channel on the 2-hour timeframe is giving mixed signals with a downward bias. However, the price is pushing upwards, and a breakout above the parallel channel will indicate a rising price. In case the breakout is fake, the sell-off will immediately signal weakness that will take BTC/USD towards $10,000 level making it hard for crypto pundits to comment on near-term Bitcoin price prediction.

Hourly RSI is approaching overbought zone, and a minor sell-off may be around the corner. The price can stretch up to $11,101, at which point there can be profit booking.

Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Tags: cryptocurrency tradingcryptomarket
Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related Posts

Bitcoin mining chips
Bitcoin News

Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

January 22, 2021
Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy
Bitcoin News

Bitcoin whale MicroStrategy invests more in Bitcoin during dip

January 22, 2021
Bitcoin mining
Bitcoin News

Bitcoin Miners in China hit with dearth of chips

January 22, 2021

Follow Us

  • 40.6k Fans
  • 8.3k Followers

Latest News

3 Great Places to Buy Bitcoin In 2021 4

3 Great Places to Buy Bitcoin In 2021

January 23, 2021
Bitcoin mining chips

Bitcoin mining chips scarcity: Samsung planning to Bankroll chip making plant

January 22, 2021
Bitcoin whale Bitcoin US Senator Circle CEO Bitcoin adoption BitMEX Mobile app Max Keiser Bank Crisis Bitcoin price Nasdaq listed MicroStrategy

Bitcoin whale MicroStrategy invests more in Bitcoin during dip

January 22, 2021
Polkadot price

Polkadot price prediction: DOT to rise to $20.00

January 22, 2021
Litecoin price prediction

Litecoin price prediction: LTC rebounds after failing to reach $120

January 22, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 5

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.