The cryptocurrency market is gripping the attention of investors yet again as Bitcoin (BTC) price nudged even higher, displaying a 2% incline. In conjunction with this upward price trajectory, it has been reported that one analyst has voiced confidence in BTC reaching a staggering sum of $30,000 in October.
In the light of Wall Street’s trading commencement, BTC increased to $26,823 – close to achieving the weekly highs so eagerly anticipated by market observers. Indeed, this emergence of bullish sentiment is allowing analysts to predict a potential breakout if overhead resistance is not replenished. As one particularly celebrated trader, Skew, expressed: “Ask liquidity is pretty wide and thin here again so likely a move higher is coming from perps.”
However, to strengthen the market in the face of such steep and rapid climbing, Skew also outlined the need for shrewd vigilance, hinting at the balance necessary in approaching budding opportunities as well as managing premium potential.
In a further promising turn of events, a remarkable increase in activity from a particular group of whales, notorious for their impact on BTC price action (PA), has also been noted by the on-chain monitoring resource Material Indicators. In addition, the growth beyond $26,500 has nullified the ominous signal of a ‘death cross’, which had previously cast a pall on the start of the week. Co-founder of Material Indicator, Keith Alan, verified the impact of these larger buyers, stating, “Purple buys dips and sells rips. I’m happy to swim in their wake.”
Notwithstanding this optimism, Michaël van de Poppe, another analyst, expressed a more guarded outlook, stating that although BTC is indeed on the rise and breaking above crucial areas, he would rather see a sustained $26,500 and projects that this is a better indicator of a potential leap to $30,000 in October.
With volatility in the crypto market remaining prevalent, all investment and trading moves involve certain levels of risk. Conversely, the diminutive number of liquidations, confirmed by monitoring resource CoinGlass, certainly points to the relationship between risk and reward in the dynamic world of cryptocurrencies. As it stands, the current trading range hovers around $26,700, with about $13 million in BTC shorts liquidated for the day, and a cross-crypto tally at approximately $39 million.
The crypto market is in a fascinating place right now, revealing a tension between the immense potential for reward on one hand, and caution generated by volatility on the other. The key takeaway is to remember that this technology and market are evolving, and every investment and trading move carries a degree of risk. So, always conduct thorough research to make savvy decisions.
Source: Cointelegraph
