Major Bitcoin Price Advance Expected This Month, Analyst Says
Bitcoin, in October last year, registered 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 as of this 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 straight days
- Bitcoin aims to regain the $20,000 level
But even with that huge value discrepancy, some experts believe that the maiden cryptocurrency might be on the verge of a significant price movement as it enters October – a month noted to be “favorable” for the asset.
After all, it was in this month last year that Bitcoin attained one of its highest prices before hitting its all-time high in November 2021 when it traded briefly at over $68,000.
In October 20, 2021, the digital asset closed at $66,109. It was priced above the $60K mark for 16 straight days beginning in October 15.
In light of this, it’s safe to say that Kitco News Analyst Jim Wyckoff was on to something when he said the crypto is bound to make noticeable leaps in value this month.
Bitcoin Volatility Subsiding
The U.S. dollar is currently on a rampage, dominating some of its fellow global fiat currencies. It demonstrated strong showing against the British Pound, the Euro, Japanese Yen, Canadian Dollar and Swedish Krona.
This level of dominance showcased by the greenback made crypto frontrunner Bitcoin stand out as an alternative, viable hedge.
That development, according to Wyckoff, stabilized the price of Bitcoin as it attempts to sustain the $19,000 level before making a big price movement.
The forecasts, however, are still far from what the digital asset accomplished in October last year.
Target: Regain $20,000 Level
Bitcoin had a dismal month of September this year, only managing to set a high of just around $20,000.
This month, crypto trading expert Michael Van de Poppe said the largest cryptocurrency by market capitalization could be looking at a price of $19,600 provided it is able to hold on at the $19,300 level.
But the crypto community is sounding more optimistic, saying Bitcoin can close out October 2022 with a value of $22,857.
The digital asset can attain that if it becomes successful in its push to exit the bear market and somehow start a bullish rally.
For now, Bitcoin is focusing on regaining the $20,000 level as it has experienced difficulties in climbing and staying there.
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BTCUSD pair still working to reach $20K level, trading at $19,304 on the weekend chart | Source: TradingView.com