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


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 Contents hide 1 Bitcoin price prediction: Current price overview 2 Bitcoin price movement in the last 2 … Read more

  • 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
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.

Bitcoin price movement in the last 2 hours

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 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.

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.

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. 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.

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