Big Bitcoin Price Advances Expected This Month, Analyst Says
Last October, Bitcoin recorded an average closing price of $58,051. It enters the first day of the same month this year with far less value, trading at $19,358 at the time of writing, according to tracking from CoinGecko.
- Bitcoin is currently trading above the $19,000 mark
- In October 2021, Bitcoin traded above the $60K mark for 16 consecutive days
- Bitcoin aims to regain the $20,000 level
But even with the huge value discrepancy, some experts believe the first cryptocurrency could be on the verge of a significant price move as it enters October – a month known to be “beneficial” for the asset.
Source: CoinGecko
After all, it was in this month last year that Bitcoin achieved one of its highest prices before reaching its all-time high in November 2021, when it briefly traded above $68,000.
On October 20, 2021, the digital asset closed at $66,109. It was priced above the $60,000 mark for 16 consecutive days starting on October 15.
In light of this, it’s safe to say that Kitco News analyst Jim Wyckoff was on to something when he said that the crypto is bound to make noticeable leaps in value this month.
Bitcoin volatility is decreasing
The US dollar is currently on a rampage, dominating some of its fellow global fiat currencies. It demonstrated strong performance against the British pound, euro, Japanese yen, Canadian dollar and Swedish kroner.
This level of dominance displayed by the dollar made crypto frontrunner Bitcoin stand out as an alternative, viable hedge.
This development, according to Wyckoff, stabilized the price of Bitcoin as it tries to maintain the $19,000 level before making a big price move.
However, the forecasts are still far from what the digital resource achieved in October last year.
Objective: Regain the $20,000 level
Bitcoin had a dismal September this year, only managing to top around $20,000.
This month, crypto trading expert Michael Van de Poppe said that the largest cryptocurrency by market capitalization could be looking at a price of $19,600 provided it is able to hold the $19,300 level.
But the crypto community is sounding more optimistic, saying that Bitcoin could end October 2022 with a value of $22,857.
The digital asset can achieve this if it successfully exits the bear market and somehow starts a bullish rally.
For now, Bitcoin is focusing on regaining the $20,000 level as it has experienced difficulty climbing and staying there.
BTCUSD pair still working to reach $20K level, trading at $19,304 on the weekend chart | Source: TradingView.com Featured image from CNBC, Chart: TradingView.com
