Bitcoin hit an intraday high of over $20,400 late yesterday, closing a four-hour candle above $20,000 and two above the October monthly open ($19,411).
Bitcoin is now up 3-4% this month and over the past 24 hours, although its price has largely traded sideways for over 100 days after hitting its yearly low on the mid-June ($17,500). Will Bitcoin rally, or is this price move a bull trap (bull trap)?
Bitcoin Price Predictions
Following this move above $20,000, many analysts shared their predictions for Bitcoin in the near term:
Jacob Bury
The resident analyst of CryptoNewsJacob Bury, sees the price of Bitcoin potentially rallying all the way to $27,000, where he expects it to encounter strong resistance on its first attempt to hit 2021 lows ($28,700 ), due to the overall bearish macro trend.
#Bitcoin might be heading towards $27k, but we are still in a bear market, expect some rejections. #cryptonews #btc #crypto”.
This rough Bitcoin price target is shared by many traders, including DonAlt, as we reported earlier this month. DonAlt expects Bitcoin to hit $29,000, even if only as part of a bear market rally.
Members of Jacob Bury’s Discord channel opened long positions in Bitcoin yesterday over the weekend following the recovery of weekly open thresholds and bullish predictions from popular crypto influencer @CryptoKaleo.
TraderXO
Yesterday, in its latest Weekly Market Review stream, when the price of Bitcoin was at $19,300, TraderXO exercised the same caution and did not open a position in Bitcoin. He commented:
Yes, I think there is a probability that Bitcoin could go up to $21,000 – $22,000 or even $23,000. You could probably go long here in this daily demand zone. The buyers entered the market at $18.2k – $18.3k. Volatility is low – 40 days under $20.5k. Unless your trading strategy focuses on intervals of five to fifteen minutes, good luck to you.”
It also warned against shorting BTC due to SPX strength and DXY weakness.
TraderXO was expecting a pullback in the Dollar towards 110, which has now been reached, although it said the DXY may not peak until January – February.
According to his estimates, 2023 will be the ideal period for bitcoin accumulation, but the trader believes that the price is not ready to swing higher in the absence of convergence between the weekly EMAs 12 and 21 (40:50 of his last video).
Bitcoin price is also heading towards TraderSZ’s short-term targets from earlier this month.
Smart Contract
We previously reported that Bluntz (@SmartContracter), who has 211,000 followers, predicted a sideways fluctuation in Bitcoin price through 2024.
Today he tweeted:
We are back above 20k again, it’s nice to see us getting out of that little range. We now need to go over 20.5k, which will probably be a challenge.”
Immortal Crypto
Immortal (@inmortalcrypto), which has 178,000 followers, expects both bullish and bearish traps for Bitcoin through 2023, with no clear uptrend or downtrend:
I think the next 6-8 months will be full of pitfalls. Whether it is a range of $500 or $7000, there will be no clear trend. This is where most market players burn out and give up.
Mojo Crypto
@Mojo_Crypto_BTCwhich has 15,000 followers, is also cautious about FOMO in today’s Bitcoin price movement:
How many times have you heard “This time it’s different” during this bear market? Dangerous words in my experience and literally a running joke for OGs in this space. “But Mojo! This time it’s different!” Is that the case ? Is this really the case? #BTC
Shortly before the release of the CPI figures on October 13, Elon Musk tweeted: “$20,000”. Twelve days later, his Bitcoin price predictions turned out to be accurate.
Alternatives to Bitcoin
Unsurprisingly, crypto traders on Twitter are giving mixed signals on Bitcoin, some short-term bullish, others bearish. However, most expect a fluctuation in a medium to long-term range in the Bitcoin halving outlook in 2024.
Check out our analysis of new token pre-sales that may have higher upside potential than Bitcoin trading.
One of them, Dash 2 Trade, broke the $2 million mark in the first week.
Take part in the Dash 2 Trade pre-sale
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- To generate interest with your bitcoinsgo to the BlockFi website
- To secure or store your cryptocurrenciesget Ledger or Trezor wallets
- To trade your cryptos anonymouslyinstall the NordVPN app
To accumulate coins while playing:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
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