Fake news first spurred the recent price boom of bitcoin, but a surge in demand for altcoins has subsequently maintained the price increase.
The CME gap around $29,700–29,800 and a possible bearish H&S pattern are worries for some traders.
There is increasing hope that Bitcoin may hit $40,000 in the next weeks, despite the worries.
Bitcoin’s Uptober Rally: Is $40,000 Within Reach?,Bitcoin’s Uptober Rally: Is $40,000 Within Reach?
The recent price spike of Bitcoin has cryptocurrency aficionados abuzz with conjecture. The primary cause of this rise was the spread of false information last week on spot ETF approvals, which gave speculators hope again.
On the other hand, there have been conflicting reactions to the price movement of Bitcoin, which has raised market volatility and led to further liquidations.
October Has Been Complicated!
Even while the current Uptober story has definitely helped Bitcoin bounce back over $30,000, there are still unanswered questions regarding a possible bearish indicator that may be approaching.
A head and shoulders (H&S) pattern in the higher time periods raises concerns among certain traders and clouds the attitude in general.
Continue reading: BTC Price Analysis: How Much Higher Will It Go During “Uptober”?
Bitcoin started the week with a big CME gap, creating a significant price difference between $29,700 and $29,800, which increased concern. Market watchers question if this gap will be closed in the near future. Furthermore, despite the current price recovery, Bitcoin’s daily and weekly death crosses—which are created between the 50 and 200 Moving Averages (MA)—remain unchanged.
Altcoins Continue the Trend
In the past, after surpassing the $30,000 barrier, Bitcoin has frequently seen a regression towards a crucial support level of about $25,000. This time, though, the $30,000 milestone has been bolstered by a discernible increase in the market demand for rival cryptocurrencies, or altcoins.
Santiment, an on-chain analytics tool, reports that in 2023, a number of altcoins—Chainlink (LINK), Polygon (MATIC), Aptos (APT), and Aave (AAVE)—had their biggest detachment from Bitcoin. Additionally, a number of cryptocurrencies have witnessed a significant change in investor attitude as seen by the doubling of their typical daily trading volumes.
Also Read: Nine Altcoins to Keep an Eye on as the Crypto Market Rally Continues!
Bright Future Ahead!
There is increasing hope that Bitcoin’s price may hit $40,000 in the next weeks, given the impact of the Uptober story. The US government’s approval of a spot Bitcoin ETF might hasten this positive view.
Bitcoin’s Uptober Rally: Is $40,000 Within Reach?,Bitcoin’s Uptober Rally: Is $40,000 Within Reach?,Bitcoin’s Uptober Rally: Is $40,000 Within Reach?, Bitcoin coin Crypto news, Bitcoin coin News