In a decisive move, Bitcoin (BTC) surpassed the $28,000 mark on Monday (2), breaking weeks of consolidation within a narrow trading range.
This notable rise represents a substantial increase for the cryptocurrency, marking its first foray beyond the $28,000 mark since mid-August.
This surge was driven by BTC’s triumphant break of a crucial resistance level, ending a month-long phase characterized by strategic accumulation among cryptocurrency investors.
As the cryptocurrency market continues to evolve, traders and investors are turning their attention to sophisticated machine learning algorithms, especially those specializing in price predictions.
The goal is to leverage these advanced tools to analyze Bitcoin’s trajectory by the end of October, with a keen eye on the possibility of surpassing the $30,000 resistance level once again.
AI tools are predicting that Bitcoin’s price will hover around $30,403 by October 31, surpassing the $30,000 resistance.
The forecast is obtained using various key technical indicators, including moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and others.
Bitcoin is currently leading the market at $28,307, reflecting a 3.99% increase in the past 24 hours and an even more notable 8.61% increase over the previous week.
A significant event occurred on October 2, when BTC quickly jumped from $27,000 to $28,528, witnessing a substantial increase in market value from $528 billion to $552 billion — a $24 billion increase occurring within hours.
In a market perspective, trader and analyst Michaël van de Poppe expresses optimism for October and the entire fourth quarter of 2023. He attributes this positive sentiment to the potential approval of Bitcoin spot ETFs and the customary pre-halving price increase.
In addition to these factors, Poppe suggests that an increase to $40,000 in the fourth quarter is a reasonable possibility for Bitcoin. This projection implies a potential upside of over 40% compared to the current price.