Bitcoin‘s (BTC) recent increase in volatility has caused the price to fluctuate above and below the $26,000 level several times. This negative performance indicates the challenges faced by the crypto king, as it has lost over 10% in value last month. However, the price forecast for Bitcoin suggests a potential recovery in the coming weeks, indicating much-needed optimism. In particular, the price prediction algorithm on the CoinCodex algorithmic analysis platform shows that Bitcoin could reach $28,435 by October 13, 2023, indicating a roughly 9% increase from current prices.
Price Predictions Pointing Towards a Rise in Bitcoin
CoinCodex offers interesting price predictions not only for the next 30 days but also for other time periods. The platform suggests that Bitcoin could reach a new peak level of $31,139 by September 30. This indicates a potential 20% increase in the short term. On the other hand, the platform predicts that by October 31, 2023, the crypto king will decline to $27,205.
At the time of writing, Bitcoin is trading at $26,343, with a 1.82% increase during the day. The largest cryptocurrency, which has seen a 2.30% increase in the past 7 days, has wiped out $65 billion from its total market value due to a 10.35% loss in the last 30 days. During this 30-day period, the price of BTC has only seen 11 green days. As a result of this negative performance, the Bitcoin Fear and Greed Index indicates a “fear” signal at a level of 41/100.
Bitcoin Warning: Experienced Analyst Predicts $23,000
Experienced anonymous crypto analyst CrypNuevo suggests that Bitcoin could reach $27,000 as a result of an upcoming short squeeze in the coming days. According to the analyst, this rally will be followed by a significant drop.
According to CrypNuevo’s prediction, the rally up to $27,000 will be followed by a major liquidation that will bring the price down to $23,000. This downward prediction corresponds to a decrease of over 12% based on current prices and over 14.5% based on the $27,000 level.
