Bitcoin is Breaking its Most Recent Resistance – What to Expect Now?

Bitcoin’s weekly sideways channel is still intact, but Bitcoin is trying to break out of the most recent resistance that was formed following Blackrock’s news. Last week was a sigh of relief for most investors and some analysts have already started predicting that it’s the beginning of a bull run. But it might be a little too early to predict.

However, the following Bitcoin weekly news may shed some light on how authentic these claims are.

Bitcoin Price Prediction by Brian Armstrong

Brian Armstrong, the CEO of Coinbase, has predicted the crypto market’s future by showing the similarities between the internet and cryptocurrencies. He highlighted that the internet also experienced some skepticism before moving to its widespread adoption. The same scenario is being observed in the cryptocurrency market.

This market isn’t limited to tech enthusiasts anymore. People from all walks of life are now showing interest in this market. This industry has attracted a huge number of people from art and remittance markets. Armstrong supported the fact that the authorities should design a regulatory framework for this market so that the world may move towards innovation.

Like several other analysts, Armstrong has also predicted a significant bull run in the first half of 2024 which shows that he’s also expecting to see some positive effects of Bitcoin halving.

Will Bitcoin ETFs Attract More Regulatory Attention?

Most investors are currently focused on the positive effects of Bitcoin ETFs because they think that the institutional involvement will bring more liquidity to the market. But only a few are talking about the regulatory changes the authorities may make following these ETFs.

The authorities will eventually be forced to clarify taxation rules and compliance requirements once the institutions have started entering this market. However, the authorities might also have to legitimize digital assets if institutes started joining this industry.

It’s worth noting that the positive effects of institutional involvement are greater than the challenges. So, the investors can hope to generate some profit while being prepared for regulatory challenges.

Can Bitcoin Rally to $30,000 in October?

Bitcoin isn’t considered to be a suitable investment option for risk-averse investors because it experiences a lot of volatility. However, the recent price movement of Bitcoin shows that it may reach $30,000 by the end of October or maybe by the end of the year. Dmitry Noskov, a renowned crypto expert has predicted that Bitcoin may reach this level by the end of the year.

However, some other experts think that the investors won’t have to wait for the year-end because they think that Bitcoin will reach the above-mentioned target by the end of October. Some analysts have even predicted a $509,000 target for Bitcoin by the year 2030. So, it’s important to know that these kinds of predictions are common in the crypto industry.

Some analysts even update their predictions over time. Therefore, the investors need to combine a few other factors to find out how accurate these predictions can be.

Bitcoin Once Again Outshines Gold

Gold prices have sharply declined during the past two weeks whereas Bitcoin’s price has increased recently. Bitcoin has already reached the $28,0000 level and it’s expected to reach the $31,000 level over the coming days. On the other hand, Gold broke the important support of 1880 due to the strengthening US Dollar.

Investors are surprised that gold is no longer acting as a safe haven for investors. Even during the last decade, Bitcoin’s price increased more than 16 times compared to gold. So, Bitcoin is now considered a safe haven against gold. However, Bitcoin hasn’t yet beaten gold in terms of market size.

Bitcoin needs to reach a level of $700,000 to make it happen. Some analysts think that big investors are probably moving their money from gold to Bitcoin. That’s why Bitcoin’s price remained stable during the current year compared to the past.

Bitcoin Price Prediction by Robert Kiyosaki

The author of the famous book ‘Rich Dad Poor Dad’, Robert Kiyosaki, Robert Kiyosaki, has made a surprising prediction saying that the launch of central bank digital currency (CBDC) will significantly boost the value of Bitcoin. Kiyosaki has advised investors to accumulate Bitcoin, along with gold and silver before the launch happens.

However, the FED hasn’t yet made a final decision about the issuance of CBDC. The institute says that it may take a few years to build confidence among the public.

Bitcoin’s Run to $28k Could Only Be the Beginning

Bitcoin reached a market cap of $1.12 trillion when it surged past $28,000 on 2 October 2023. This price increase was triggered by the enhanced confidence of long-term holds as the number of addresses holding 10 to 10,000 BTC significantly increased during September.

The reduced circulation of Bitcoin is considered an important factor that led to the price increase. The Market Value to Realized Value also indicates the potential for further price increases. The bullish predictions indicate that Bitcoin may reach $40,000. But the bearish traders are also making predictions about an upcoming price drop. So, the investors must carefully manage their portfolios.

Bitcoin Weekly Technical Analysis

Although Bitcoin has broken out of the tight consolidation range that it established for a few weeks, the long-term weekly sideways channel is still intact. The price has broken the $28,142 resistance but it’s now moving towards the middle resistance level of the sideways channel. So, the price may find some resistance around this area.

The 5-week-long consolidation close to the lower support level also supports the fact that the price may drop below the sideways channel instead of moving toward the upper resistance.

Conclusion

Bitcoin’s recent surge past the $28,000 mark signifies a potential bullish trend, supported by increased confidence among long-term holders and reduced circulation. The market cap exceeding $1.12 trillion suggests further potential growth. However, the market remains cautious, with analysts predicting both continued upward momentum to $40,000 and possible downward corrections.

The ongoing consolidation within a long-term sideways channel emphasizes the need for careful portfolio management and vigilance regarding potential price resistance levels.

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