Analyst nails Bitcoin monthly close for 2 consecutive months – his October target is $ 63,000


Bitcoin (BTC) was keen to hold on to $ 44,000 on October 1 as the monthly close triggered a late show of force.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView

Monthly BTC close matches PlanB’s prediction

Data from Cointelegraph Markets Pro and TradingView tracked BTC / USD as it first returned to the $ 44,000 mark on Thursday, then tested lower levels before rising even higher.

While still not tackling resistance at $ 45,000 and above, Bitcoin did not disappoint with its month-end performance, which almost exactly matches the forecast of the creator of the PlanB stock-flow model for a second consecutive month.

With $ 63,000 now slated for October, expectations were high for Bitcoin to make up for lost ground in the fourth quarter.

“September was bad. October is great. November is great. December is great,” said Michaël van de Poppe, Cointelegraph contributor. abstract, telling Twitter followers to “buy the fucking dive.”

Van de Poppe highlighted the historic performance over several months each year, which Cointelegraph previously noted anything but September recorded as 30 ‘boring’ days.

Others, on the other hand, were more cautious. In its latest market update, crypto trading firm QCP Capital said it will remain cautious in its approach to the market as a whole.

“Overall, we are struggling to find directional conviction amid the cross winds of the macro and the market. Our strategy for the fourth quarter is to remain fairly neutral and nimble,” the executives summed up.

The macroeconomic factors at play were China’s reiteration of its crackdown on crypto and two issues in the United States: the legislation and the potential approval of a Bitcoin exchange-traded fund (ETF).

On Friday, a vote on the government’s infrastructure bill, originally scheduled for Monday, was again delayed after a shutdown later this month was avoided in a separate vote.

Ethereum comes to $ 3,000

Altcoins, meanwhile, saw an additional 24 hours of modest flat movements, again led by Binance Coin (BNB) with daily gains of 6%.

Related: Long Overdue ‘FOMO Rally’ Bitcoin That Could See BTC Price Surpass $ 200,000 – Bobby Lee

All of the top ten cryptocurrencies by market cap were in the green at the time of writing, however, marking a refreshing contrast to recent stocks.

Ether (ETH), the largest altcoin, traded above $ 3,000 thanks to returns of 3%.

1 hour ETH / USD candle chart (Bitstamp). Source: TradingView


Previous Survey finds disability service providers on the brink
Next Nifty: Market Watch: Will this market correction deepen?

No Comment

Leave a reply

Your email address will not be published.