Analyst Predicts Bitcoin Price Hike to $30K in October as Currency Sees 2% Uptick – Bitcoin (BTC) price saw a resurgence ahead of Wall Street’s trading opening on September 27, with an analyst predicting a significant rise to $30,000 in October. The cryptocurrency’s price jumped 2%, reaching near-weekly highs as bullish traders set their sights on a $27,000 target.
According to data from Cointelegraph Markets Pro and TradingView, the BTC price action observed a boost as the cryptocurrency’s value climbed to $26,823 on Bitstamp. This 2% increase led market commentators to anticipate a potential breakout, given the thin overhead resistance observed in the market.
Prominent trader Skew noted that the market’s “ask liquidity” was both wide and thin, suggesting that the likely upward movement would primarily be driven by perpetual futures (perps). “This can create some good opportunities with inefficiencies & potential premiums later,” Skew added, highlighting the possibility for traders to capitalize on market dynamics.
Material Indicators, an on-chain monitoring resource, observed an increase in activity from a specific class of large-scale traders, often referred to as ‘whales’, who are known for their significant influence on Bitcoin price movements. The resource also noted that Bitcoin’s rise above the $26,500 mark effectively invalidated a warning signal previously identified through a ‘death cross’ pattern on the daily chart at the week’s outset.
Co-founder of Material Indicators, Keith Alan, commented on the whale activity, stating, “Purple buys dips and sells rips. I’m happy to swim in their wake.”
Analyst Michaël van de Poppe also weighed in on the cryptocurrency’s positive price movements, telling subscribers, “There we go, Bitcoin is up and breaks above crucial areas.” He expressed optimism about Bitcoin maintaining its upward trajectory, adding, “I’d prefer to see $26,500 and, if we do, we’re likely to see $30,000 in October.”
In terms of market liquidations, data from CoinGlass revealed that short liquidations remained relatively low, with around $13 million in Bitcoin shorts being liquidated at the time of writing. The total liquidations across various cryptocurrencies amounted to $39 million.
As the cryptocurrency market continues to experience volatility, Bitcoin is trading at approximately $26,700 at the time of writing, underscoring the dynamic and unpredictable nature of the digital currency market.
