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The king of cryptocurrencies, Bitcoin, has entered the Uptober mode again, but it has not yet tested $28,300. BTC is currently at $27,700. While investors hope for double-digit gains this month, BTC remains almost where it started, even though we are halfway through the month. The recent price surge has prevented altcoins from reaching deeper lows. So, what do the latest data tell us?
Bitcoin (BTC) Current Situation
The abnormal environment in the macro landscape has made popular crypto experts approach October with caution. On the other hand, Bitcoin’s mining difficulty is reaching a historical peak. Last week, negativity prevailed due to conflicts, statements from Fed members, and incoming data, but now, before the opening of the US market, this sentiment is turning towards optimism.
Popular crypto commentator Michael Poppe described the recent BTC rally as a great move. The analyst, who argues that $27,300 is a reasonable level for entry, has recently stood out with his excessive optimism. This has led to a major misconception for him in October. At least for now, that’s the situation.
One of the triggers for the recent surge was the liquidity of short positions accumulated at the $27,450 level.
Crypto Experts’ Comments
Crypto Tony was more cautious as he recently warned that the price of BTC could drop to $20,000. He hasn’t strayed far from this view. When we look at the technical aspect and the six-month price patterns before the halving, we cannot say that he is wrong in his opinion. However, the abnormality of the current conditions may cause historical data to turn in favor of investors this time.
The next Fed meeting is just around the corner, and the new interest rate decision will be announced on November 1. The Kobeissi Letter says that Powell’s statements this week could affect the markets ahead of the meeting.
Ray Dalio, who pumps pessimism, drew attention to ongoing regional conflicts and made some predictions about the Third World War.
“Fortunately, progress towards a world war between the major powers (the US and China) is still in a controllable state. We have not yet crossed the line that has turned into a ruthless war between the major powers and their allies. If these major powers engage in direct conflict with each other and one side kills a significant number of people from the other side, we will see a transition from controlled pre-war conflicts to a brutal Third World War.”
The possibility of the conflicts in the Palestinian region spreading to Iran and a wider geography had greatly worried the markets last week.
The common view among many experts is that as tension decreases and ETF approval gets closer, BTC could target $30,000 with closing above $28,300. If closing above this critical resistance zone is not seen, BTC could return to the $26,800 region.
