BTCFollowing recent events in the crypto market, Bitcoin’s (BTC) price has experienced a dramatic surge in October 2023. Various factors have influenced this, the major being the awaited ETF approval that would set its price to fresh levels not seen since its previous bull rally in early 2022.
BTC investors and enthusiasts have seen a nice surprise as this major crypto has outshined macro assets and benchmark indices. Currently, market data shows Bitcoin’s gains beating the S&P 500 index. This has hinted at a potential rise as analysts confirm its increase is yet to stop. Moreover, market experts highlighted that BTC has enough momentum to reach the $40,000 mark sooner rather than later.
BTC’s October rally heals the crypto winter
BTC recorded a price surf to $34,000 during the Wall Street open on October 27. This focused attention on the crypto switching from prominent macro assets. Data from major analysis platforms have shown the digital currency’s price experienced a gain of over 20% in the past four weeks, and this has also touched on trading volume.
However, questions on whether this momentum will continue have been assessed, and experts predict it has “enough fuel” to reach the $40,000 market price level.
Data from TradingView confirms that the BTC/USD price is holding steady as it maintains its gains from earlier weeks this month. Additionally, the major cryptocurrency avoided extreme volatility, and its monthly and weekly closes drew nearer. This has noted a significant record for its bull rally in October 2023.
Social media has also commented on the BTC’s rally that outperformed the benchmark index, the S&P 500. One famous digital assets trader, Daan Crypto Trades, posted his analysis and comments on the BTC market dominance on X on October 27.
He posted his thoughts on the matter, stating, “I think Bitcoin will hang around this range for some time. Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade.”
Daan also noted the increase in BTC’s open interest (OI), which had also recovered from a drop and is currently recording fresh gains not seen since its sudden uptick. According to his analysis, the increase in OI sent Bitcoin to a 17-month high. His findings followed the recent Bitcoin. Price squeeze that was witnessed in the weeks before.
Comments on BTC’s performance
In another analysis, Material Indicators, an on-chain monitoring resource, noted a downside signal based on its proprietary trading instruments prediction data. Following the prediction of two such signals, Material Indicators explained that only a move to or past the $38,850 level would counteract the bearish market correction.
A post on X confirmed this information as Material Indicators, as it reasoned, “A move above $34,850 invalidates on the D chart. That doesn’t mean we can’t go there before the Monthly candle closes.”
The crypto community has been optimistic about BTC’s performance as it outperformed its macroeconomic comparisons. Since September, Bitcoin has topped the S&P 500 index, according to Kaleo, a renowned social media trader. He commented that the odds of BTC maintaining its current surging momentum are still favorable and potentially promising.
In part of his X commentary on October 27, the analyst posted, “Over the course of the past month, we’ve finally seen ‘the bullish decoupling’ for BTC from equities that everyone was waiting for. While BTC is up only 36% vs USD from the September lows, BTC is up 48% vs. SPX.”
Other crypto and macro traders added to this outperformance, and market analysts like Matthew Hyland argued, “Not sure how anyone could look at this Bitcoin chart objectively and conclude that breaking through $32k is no big deal. The last line of hope for them is the weekly & monthly closing below.”
According to a recent article, 31 analysts have joined forces to forecast the price of Bitcoin in 2025. The general consensus among those polled is that BTC will conclude 2023 at a price of $30,000. It is expected to surpass its previous all-time high of $69,000 and reach $87,000 by 2025.
In the paper, these experts speculate on the chances of the SEC approving a spot Bitcoin exchange-traded fund (ETF). Notably, 47% of these experts believe that such clearance has the potential to catapult Bitcoin to unprecedented heights.
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