bitcoin (btc) hit a new weekly close on October 15, as “ultra dull” trading conditions still offered hope for a breakthrough to $27,000.
btc‘s “ultra boring” price may still surprise at the weekly close
Data from Cointelegraph Markets Pro and TradingView A typically sideways weekend followed, with no btc price volatility before the close.
Still trading around the key $26,800 mark, bitcoin denied traders important trajectory signals while spot markets were quiet.
$btc
Typical weekend algorithms looking for exposed positions in CME futures open about 12 hours from now and open weekly tomorrowThere really isn’t any significant flow for this weekend so far, just one cash buyer and one delinquent buyer ~ probably something pic.twitter.com/z38tKoozK3
— Skew Δ (@52kskew) October 15, 2023
Considering the bullish potential, Michaël van de Poppe, founder and CEO of MN Trading, argued that there was room for a rise in the btc price to $27,800.
“Weekends are very boring for trading, especially for bitcoin,” he said. said X subscribers in the day.
“Outlook unchanged. She did a double bottom test at $26,500 and stayed there. “I am currently fighting resistance, through which another test of $27,000 should end with a break to $27,800.”
Meanwhile, popular trader and analyst Daan crypto Trades noted an upcoming weekly candle that will close below a “bull market support band” formed by two moving averages.
“There is still no convincing close above or below for a few weeks as we trade around the area,” part of X’s comment. fixed.
Further analysis predicted that volatility would increase towards the end of the day, with the latest CME Group bitcoin futures closing price at $26,840 an area of interest.
bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Pretty simple weekend.
Some volatility and increased volume is expected in a few hours, as we usually see on Sunday afternoon. https://t.co/ghsVin9KxM pic.twitter.com/oNyIaWiZx8
– Daan crypto Trades (@DaanCrypto) October 15, 2023
bitcoin Adoption Curve Model Calls for $27,000 Support
$27,000 and above also formed a focus as potential long-term support over the weekend.
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This came from Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, who saw that the btc price level would gain importance in the future.
Thanks to relationship Between price and adoption, $27,000 should form a form of benchmark that holds as support around 75% of the time by the end of 2023.
“The price of bitcoin spends 75% of its time above its adoption curve. That curve will reach $27,000 in 60 days,” he stated. wrote in X next to a demonstrative graph.
In August, Peterson predicted a 15% drop in the price of btc by October, while $100,000 should reach $100,000 in the next three years.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
