As the year’s final quarter draws to a close, Bitcoin is expected to exhibit heightened volatility and substantial buying activity, potentially pushing BTC above $37,000 in the early days. This is mainly due to optimism about the future of cryptocurrency, which has led to increased awareness and a rise in retail investment.
However, this sentiment isn’t universal among the industry’s top players. Some, including Marshall Beard from Gemini and Paolo Ardoino from Tether, remain bearish on Bitcoin, predicting that the crypto’s price could decline to $10,000 in the coming months.
Meanwhile, others – like Blackrock’s Adam Adelman – are expressing bullish sentiment, predicting that Bitcoin will regain its all-time high of $69,000 by 2025. His forecast is based on several fundamental factors, including the expectation that Bitcoin will continue attracting more investors and that significant institutions will use it more often.
Another factor is that BTC will soon experience a halving event, a milestone that will reduce the supply of new coins and lead to higher prices for those who survive. The event will take place in mid-2023, and experts expect the value of the oldest Bitcoins to surge afterward.
As for the rest of this month, Bitcoin’s upward momentum should likely continue, with the price expected to settle above $37,000 in early days and rise beyond that mark by mid-month. This is because a range of technical indicators, such as the moving averages, point to further gains ahead.
The simple moving average is one of the most popular tools to predict BTC’s price, as it simply takes the sum of the closing prices for a certain period and divides it by that same number. The exponential moving average, on the other hand, is more sophisticated, as it gives greater weight to more recent prices and reacts faster to changes in price.
Traders are also observing the relative strength of the Bitcoin market, as the price is up against other leading digital assets, including Ether (ETH), Stellar (XLM), and Binance Coin (BNB). It is important to note that Bitcoin strongly correlates with all these coins, meaning that they tend to move in tandem when one moves up or down. This is a crucial indicator of their overall health, which can provide insights into the market’s future direction. This is why many traders look at the correlated pairs before making decisions.
