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This week, the king of cryptocurrencies has entered Uptober mode, and we are seeing closes above the $28,300 resistance level. The recent daily BTC candlestick closes are promising for investors. However, more is needed. BTC needs to break out of the narrow range and aim for higher peaks above $32,000.
Crypto Experts’ Comments
Glassnode‘s co-founders have been making optimistic statements about the markets recently. As the Fed meeting approaches, things are getting complicated on the macro front. Oil prices are rising, and the Middle East is heading towards greater turmoil.
Jan Happe, one of the Glassnode co-founders, shares his latest evaluation from his Negentropic account, indicating important signals for the crypto king. This signal, which supports the price increase, can trigger the upward volatility increase that investors have been waiting for.
Glassnode co-founders are looking at the Bollinger Bands width (BBW). When volatility decreases, the upper and lower bands widen, while the bands narrow when volatility is about to explode.
“The width of the Bollinger Bands has dropped to only 0.20. This level has previously been associated with major fluctuations in BTC’s history.
Get ready. History shows that significant price fluctuations tend to follow these compressions. Volatility is forming and about to make a big entrance.”
Will Cryptocurrencies Rise?
The above prediction shows that a general price increase is imminent. Moreover, the halving patterns suggest that there may not be much more loss as BTC is still about 60% below the peak. However, Jan Happel and Yann Allemann point out the risk signal of Bitcoin.
This metric considers the risk ratio of price decline. According to experts, after the price touches $30,000 on Monday, it could once again move upwards from $28,000.
“Are the bulls taking control as they gather around the $28,000 region? The main takeaways:
The current price is above $28,000 and above the 100-hour SMA (simple moving average).
Immediate resistance is at $28,550.
Breaking $29,500 could lead to reaching the $30,000 target.
Ongoing momentum points to $30,650 and above.
Conclusion: The risk signal is zero, indicating a bullish environment.”
The key level highlighted by experts is $28,000.
“Why is the $28,000 level important for Bitcoin?
Sudden surge: After recent publications, BTC experienced a sharp rise on trading platforms. It jumped from $27,880 to $30,000 in just 30 minutes in the BTC/USDT pair on Binance (which accounts for 8% of BTC’s 24-hour volume). This means a 7% increase in just 30 minutes!
Critical turning point: The crypto market depends on BTC having a value above $28,000 and being able to sustain it.
Inference: Fast movements and these price thresholds are more than just numbers. They indicate investor sentiment and market dynamics. Keep an eye on the $28,000 level.”
At the time of writing this article, BTC is finding buyers at $28,640.
