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BTC $47443.47 (-1.6%)
ETH $3348.35 (-3.0%)
USDT $1.00 (0.12%)
BCH $614.06 (-2.3%)
BSV $162.43 (-6.1%)
LTC $175.92 (-2.9%)
BNB $415.83 (0.70%)
ADA $2.34 (-1.0%)
DOGE $0.23 (-2.1%)

Bitcoin (BTC) Price Analysis and Price Prediction October 2020

Trading Volume Skyrockets on Decentralized Exchanges
  • Bitcoin conservative price prediction for October 2020 is $11,000.
  • Bitcoin bullish price prediction for October 2020 is $14,000.
  • Bitcoin gained 185.81% from March 2020 to date.

Bitcoin Price Analysis (Sept 28)

In the past weeks, the crypto market encountered many challenges that left an impact to many cryptocurrencies. Even the DeFi market dropped its price from $11.97 billion last week to $11.16 at the moment. Regardless, Bitcoin still manages to retain its rank as the leading digital asset in the cryptocurrency space.

There are also predictions from analysts that Bitcoin could reach more than $100,000 in 2024. This is due to the successful Bitcoin halving event that happened in the earlier years. Furthermore, according to a published report, the number of Bitcoin ATMs grew as well. Its installation now accounts for more than 10,000 units found in different places in the world.

Would this be enough for Bitcoin to continue safeguarding itself in the days ahead?

BTC/USDT daily price (Source: TradingView)
BTC/USDT daily price (Source: TradingView)

BTC/USDT continues to perform great in the past few days. The price of the cryptocurrency is traded with a high price of $10,719.14. If this continues, the crypto can be seen to run along with the bulls in breaking the resistance level $10,884.79, which can lead towards a high price of $11,000.

The relative strength index (RSI) is neither oversold or overbought. Bulls should take this opportunity to climb further and break the resistance level of $10,884.79 in order to stay away from the bears.

Meanwhile, the moving average convergence/divergence (MACD) has already performed its golden cross. It also continues to point in an upward trend, which indicates that the bulls are still in favor of Bitcoin.

Bitcoin Price Prediction (Oct 2020)

Bitcoin may still continue its bullish price escapade in the month of October, as BTC remains to lead the race over other virtual assets such as gold and crude oil. Today, gold is traded at a price of $1867.74, while crude oil currently amounts to $40.33.

How will this affect the bitcoin price in the next month? Is the performance of Bitcoin enough to maintain its bullish price? Let us find out.

BTC/USDT Uptrend (Source: TradingView)
BTC/USDT Uptrend (Source: TradingView)

According to the chart above, Bitcoin seems to be a good player when it comes to defense and resistance. Today, the coin opened up with a high price of $10,950 which is almost a $185.81% growth from its bearish dip in the first quarter of the year. If this pushes through, the coin might be able to speak with the bulls to break its $11,200 resistance and climb all the way to $14,000.

However, if the coin fails to catch up with the climbing bulls’ stamina and fall below ALMA, the bears might find a chance to pull the coin down to their playing pools with a support level of $10,100.

Moreover, the Bitcoin conservative price prediction for the month of October is $11,000. If the crypto market favors the crypto, it might reach the price of $14,000 on or before the month of October ends.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry