The price of Bitcoin saw a surprising increase in October. History repeated itself and investors were pleased with double-digit gains. We experienced a challenging period from the beginning to the middle of October. Some even gave up on the expectation of a rise based on historical performance. However, three popular crypto analysts insisted that the price would continue to rise.
Accurate Crypto Analysts
We previously mentioned the analysts who had unsuccessful predictions in October. Now, it’s time to talk about the analysts who made accurate predictions. So, which analysts correctly read October?
Bluntzcapital and IncomeSharks
We discussed the comments of these two analysts last month. The Elliott Wave Theory is widely used in traditional finance. Those who apply this to cryptocurrencies make accurate predictions about long-term price trends. The A-B-C corrective structure shared by Bluntzcapital gave us the good news of a strong uptrend.
Since completing the A-B-C correction on October 11th, the king of cryptocurrencies has been rapidly rising. The price of BTC, which increased by about 33% in just 12 days, reached $35,200, the highest level in 17 months. As of the time of writing, the price is finding buyers at $34,900.
Analyst IncomeSharks also gave the news of an impressive rise with a similar chart and turned out to be right.
CryptoGodJohn
On October 6th, when optimism about the ETF had not yet boosted investor confidence, CryptoGodJohn was determined about a strong rally. The reason for this was the strong defense of the $24,700 support area by the BTC price. The crypto expert, who stated in his early October prediction that the $36,000 resistance area could be tested, then pointed to $40,000. Today, the price came very close to the $36,000 resistance and then fell.
If BTC continues to test resistance levels with minor pullbacks as it has been doing for weeks, we could see a price of $40,000 before the end of the month. This represents an increase of about 15%. However, closings below $35,000 could lead to a gradual decline to $31,200. The analyst’s chart also indicates a possible correction after the $36,000 test. We will see if this will happen or not.
Analysts do not foresee the future and are not always expected to be right in their predictions. Therefore, investors should examine analyst opinions from different perspectives to look at the markets.
