Bitcoin Price Surges as Analyst Predicts $30,000 in October
Bitcoin (BTC) made a strong move higher as the Wall Street market opened on September 27, with one analyst predicting that the cryptocurrency will reach $30,000 in October. The price of BTC climbed to $26,823 on Bitstamp, marking a 2% jump to near-weekly highs.
Market commentators had been eyeing thin overhead resistance, and the breakout above $26,500 invalidated a warning signal that had come from a daily chart “death cross” at the start of the week. This positive price action came as bulls gathered steam, and the market saw an increase in activity from a specific class of whales known for their impact on BTC’s price.
On-chain monitoring resource Material Indicators noted the uptick in activity from these whales, which are referred to as the “Purple Class,” and co-founder Keith Alan confirmed that he is happy to follow their trading moves. The Purple Class whales have historically had the most influence over Bitcoin’s price action, with order sizes in the $100k – $1M range.
Analyst Michaël van de Poppe also expressed optimism about Bitcoin’s price movement, stating that if the price can hold above $26,500, it is likely to reach $30,000 in October.
While the price of BTC surged, data from CoinGlass showed that short liquidations remained modest, with around $13 million in BTC shorts liquidated for the day. The overall cross-crypto liquidation tally stood at $39 million.
At the time of writing, BTC was trading at around $26,700. However, volatility remained present in the market.
It’s important to note that this article does not provide investment advice. Readers should conduct their own research and analysis before making any investment decisions.
Overall, the surge in Bitcoin’s price and the positive sentiment from analysts and market commentators indicate that the cryptocurrency market is continuing to experience upward momentum. As Bitcoin approaches the $30,000 mark, investors will be closely watching to see if the trend continues and if other cryptocurrencies follow suit.
