The Bitcoin price efficiency over the previous week could have dashed the excessive hopes of many fans, however this has not stopped bullish projections for the premier cryptocurrency. Crypto consultants proceed to postulate theories on why and the way BTC is ready for one more bullish trajectory quickly.
The most up-to-date Bitcoin value prediction comes from a outstanding crypto dealer and analyst who makes use of the pseudonym Mags on the X (previously Twitter) platform.
Can This Bitcoin Price History Repeat Itself?
On Sunday, October 15, Mags shared his evaluation of Bitcoin by way of a post on X, suggesting an impending value rally for the premier cryptocurrency. The crypto analyst’s BTC value prediction revolves across the Moving Average Convergence Divergence (MACD) technical indicator.
Source: Mags/X
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According to the chart highlighted within the put up, Bitcoin’s MACD has undergone a bullish cross from under the zero line. And based mostly on Mags’ evaluation, that is the second time this can occur on the Bitcoin value chart.
The first time the MACD bullish cross occurred was in 2016. Going by the highlighted chart, this cross triggered a major bullish run for Bitcoin, which noticed the value of BTC go as excessive as $20,000 within the following 12 months.
Mags’ evaluation means that assuming previous developments maintain, the value of Bitcoin could rise to $200,000 by the center of 2025. However, the analyst famous that the Moving Average Convergence Divergence indicator indicators long-term pattern change. Mags added:
Short-term fluctuations are regular. Prices would possibly transfer sideways and even go barely decrease on the LTF (decrease timeframe) earlier than the Bull Run begins.
BTC Price In The Short Term
As beforehand implied, Bitcoin’s value struggled to keep up its not too long ago gained momentum all through the previous week, resulting in the premier cryptocurrency falling to $26,500 for the primary time in October. According to CoinGecko knowledge, Bitcoin trades at $26,890 with sideways motion previously day. However, the BTC value skilled a 3.7% decline on the weekly timeframe.
At the second, Bitcoin continues to take care of numerous external forces, together with macroeconomic elements, common adoption, and regulatory developments just like the approval of a spot exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
Recently, the SEC opted not to challenge the Grayscale ETF decision, sparking talks of the upcoming launch of a Bitcoin spot exchange-traded fund. Following this optimistic growth, BTC has regained a few of its misplaced impetus, though it appears to be struggling to regain the $27,000 mark.
Bitcoin value hovering round $27,000 on the each day timeframe | Source: BTCUSDT chart on TradingViewFeatured picture from iStock, chart from TradingView
