New Bitcoin Price Prediction after Strong Recent Performance
Bitcoin may be dye for a another bullish streak since it has been able to hold onto recent gains and defy analyst expectations.
Most people might expect Bitcoin (BTC) to turn around and head downward after staying high for so long, but we could see something very different from it instead.
Bitcoin is currently at $64,398 (BTC/USD), having gained 1.45% over the last 24 hours. That is incredible progress for the crypto coin that struggled to even get above $60K for so long in recent weeks.
Bitcoin has remained high through much of September, bucking expectations for a low month thanks to the decreased US inflation rate, positive jobs reports, and sharp interest rate cuts from the US central bank. Over the last week, Bitcoin’s performance has not been quite as stellar, as the token has only gained 1.86%. However, Bitcoin has held onto its recent gains, which is very promising. To many analysts, this looks like the development of a new support level and new resistance level for the coin.
Price Prediction for Bitcoin
Bitcoin really should have turned around already and gone bearish for a while, but that has not happened. Instead, Bitcoin has climbed higher and higher and then held steady despite the wavering of other markets and competing cryptocurrency tokens.
What we are seeing from this token is that it is defying expectations, and it may continue to do so by shooting up toward $70K very soon. Because of the coin’s recent performance, we fully anticipate a new bullish trend as October begins, and that could easily place it very close to a new all-time high.
We predict that Bitcoin will near a record high or pass it by late October, based on what Bitcoin has been doing recently. In order for that to happen, though, we would likely have to continue to see positive economic reports. As long as inflation continues to decline, even slightly, and as long as unemployment reports and US PPI and CPI numbers look good in the coming weeks, Bitcoin should have no problem shooting much higher.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals