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The price of bitcoin (btc) is trading with a bullish bias, recording higher highs and higher lows. It comes after a commendable bounce from the $25,114 support level in mid-September and is currently about 11% above that level.
bitcoin price optimism has nothing to do with the mania around Spot btc exchange-traded funds (ETFs), as the US Securities and Exchange Commission has proactively postponed long-awaited decisions. This leaves one key factor: “Uptober.”
Uptober bodes well for bitcoin price
In a recent statement to Cryptonews, the UK’s largest retail broker, Hargreaves Lansdown wrote a very bullish press release related to cryptocurrencies. The PR said: “Uptober is coming for cryptocurrencies as bitcoin and ether prices rise.” It came as cryptocurrency prices appeared to soar as investors speculated that October has historically been a good month for trading.
Quoting Susannah Streeter, head of money and markets at Hargreaves Lansdown:
Cryptocurrencies have a boost earlier this month, having already been given the nickname ‘Uptober’. It is speculated that given past performance, there could be some positive weeks ahead for the coins and tokens.
However, Streeter urged investors to exercise caution even when trying to take advantage of cryptocurrencies given their characteristic volatility. Furthermore, he indicated that the bullish sentiment was reinforced when Singapore granted a payments license to the largest US cryptocurrency exchange, Coinbase.
bitcoin Price Forecast with $28,000 in Sight for btc
At the time of writing, bitcoin price is $27,925, comfortably above the support provided by the 100, 50, and 200 day exponential moving averages (EMA) at $27,374, $27,126, and $27,010 levels, respectively. Momentum indicators show that the odds favor the bulls over the bears.
For starters, the Relative Strength Index has remained above the 50 level. The Awesome Oscillator (AO) is firmly in positive territory, with green histogram bars growing in volume. This shows that the bulls have established a dominant presence in the market.
With this, bitcoin price is likely to extend northwards, breaking the psychological level of $28,000 and surpassing the same highs around $28,096. Further buying pressure above these levels could send btc to the psychological range of $29,000. A solid move above the supply zone, making it a bullish switch, would set the tone for btc to target the range high of $31,508, accumulating plenty of buy-side liquidity above.
With $31,508 in hindsight and guided by the benefits of a stable market after liquidity gathering, bitcoin price could reach the psychological level of $32,000. Such a measure would constitute 15% above current levels.
On the other hand
Conversely, a rejection from the $28,096 level could send bitcoin price lower, potentially losing the support offered by the EMAs. However, btc must break and close below the psychological level of $26,000 for the invalidation thesis. This marks the latest lower high.
In the most severe case, the decline could extend all the way to the support floor at $25,114, and a solid move below this level will likely start a new downtrend as btc heads to collect the sell-side liquidity residing below. .
In the meantime, another token is worth investing in, and community members are likely to earn bitcoin from it. Simply earn enough credits to mine. This is BTCMTX, the symbol of the bitcoin Minetrix platform, about which analysts are very optimistic.
bitcoin Alternative
bitcoin Minterix is a tokenized cloud mining platform where even ordinary people can mine btc in a decentralized manner. The project has tokenized cloud mining to offer a secure and transparent experience. By doing so, the project solves the problem of third-party cloud mining scams. It also puts control in the hands of token holders.
Don’t fall for Cloud Mining scams.
It is alleged that certain legacy cloud mining companies often presented unwarranted complications, demanded more funds, or prevented withdrawals.
These actions had reduced the trust that people had in the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining industry. pic.twitter.com/sFml0z0IaS
—Bitcoinminetrix (@bitcoinminetrix) October 7, 2023
Considered a staking mining project, bitcoin Minetrix offers BTCMTX token holders the opportunity to participate in btc action. This is unique as it combines two notable concepts: cloud mining and token staking. Buy and stake your tokens to earn credits.
#BitcoinMinetrix advocates a new Stake-to-Mine methodology, which converges the worlds of cloud mining and token staking.
This key utility of tokenization aims to increase ease of access and eliminate the need to purchase cash contracts from mining companies. pic.twitter.com/ffoX3qzBI5
—Bitcoinminetrix (@bitcoinminetrix) October 8, 2023
The project is still in the pre-sale stage, interpreted as an easy entry stage since the tokens are available. Investors can buy BTCMTX at rates as low as $0.011, but they do so now because this price may not hold for long. Once the next stage begins, prices will increase. This will happen when the 3.08 million BTCMTX tokens allocated for the current stage are exhausted. According to the latest website updates, pre-sale sales have already reached $735,792. Don’t miss it for any reason.
Visit BTCMTX here
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 1000% APY
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