Bitcoin price remains stagnant
Bitcoin (BTC) closed another week on October 15 with little to no volatility, leaving traders hoping for a breakthrough to $27,000.
Data from Cointelegraph Markets Pro and TradingView showed that BTC experienced a typical sideways weekend, lacking any significant price movement before the weekly close. The spot markets were also quiet.
Moving around the key $26,800 mark, Bitcoin failed to provide clear direction for traders, leaving them uncertain about its trajectory.
Analysts predict potential breakout
Michaël van de Poppe, founder and CEO of MN Trading, believed that there was room for Bitcoin to reach $27,800. However, he noted that weekends are typically uneventful for trading, especially for Bitcoin.
Another analyst, Daan Crypto Trades, observed that Bitcoin has remained within a narrow range and has yet to close convincingly above or below it for several weeks.
Analysts predicted that volatility could increase by the end of the day, with the closing price of CME Group Bitcoin futures at $26,840 generating interest.
Long-term support at $27,000
Bitcoin's price level at $27,000 gained importance over the weekend as a potential longer-term support level.
Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, emphasized the significance of this level based on the relationship between price and adoption. He stated that the price of Bitcoin should spend about 75% of its time above its adoption curve, which is projected to reach $27,000 within 60 days.
In August, Peterson accurately predicted a 15% price dip in Bitcoin by October and expects the price to reach $100,000 within the next three years.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and consider the risks involved before making any investment decisions.
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