Following the rise in the first week of October, all gains in Bitcoin evaporated this week. At the time of writing, Bitcoin is trading at $26,921, leaving investors in an extremely boring market environment over the weekend. However, all eyes are on a weekly close above $27,000. The realization of this rise will boost the hopes of many investors.
Bitcoin Price Will Continue to Rise
Data from TradingView shows a decrease in Bitcoin volatility before the weekly close, resulting in a sideways weekend. Bitcoin, which has moved from the $26,800 level in the last hours, does not give investors any clues about the direction, leading to silence in the spot markets.
Michael van de Poppe, the founder and CEO of MN Trading, indicated that there is no obstacle for the price of Bitcoin to rise to $27,800, considering the potential upward movement, and shared the following comment with his followers:
“Weekends are particularly boring for trading, especially for Bitcoin. A perspective that doesn’t change. The double bottom test was done at $26,500 and held there. It is currently struggling with resistance and another test of $27,000 should result in a breakthrough towards $27,800.”
Attention-Grabbing Prediction from a Prominent Figure
Serious potential beyond the $27,000 resistance for Bitcoin is highlighted throughout the week. A long-term focused chart supports this idea and creates excitement among investors. This analysis was shared by Timothy Peterson, the founder and investment manager of Cane Island Alternative Advisors, and his forward price prediction for Bitcoin increased the appetite.
The relationship between Bitcoin price and investor adoption, which sustains approximately 75% of it as support until the end of 2023 at the $27,000 level, was taken as a kind of comparison benchmark. Peterson, who drew attention with a post in August, predicted a 15% decrease in Bitcoin price until October and reaching $100,000 within the next three years. In his recent post, he shared the following comment along with a chart:
“Bitcoin price spends 75% of its time above the adoption curve. This curve will reach $27,000 within 60 days.”
