Speculations abound that the chart-topping cryptocurrency Bitcoin might be on a path to hit a promising valuation of $28,435 by mid-October, a prospective 9% climb. With the recent Nonfarm Payroll (NFP) data showing a significant boost in job positions far beyond expectations, this optimistic forecast appears more credible. The employment sector performed well by adding 336K positions against the predicted 171K, though the minor increase of 0.2% in average hourly earnings slightly missed the expected 0.3%. The unemployment rate registering at 3.8%, was also slightly above the expected 3.7% value.
Currently, Bitcoin trades at $27,922, a near 2% rise in the last day, and indicating a robust 4% raise in the past week. With an outstanding 24-hour trade volume exceeding $13 billion, Bitcoin’s dominant performance in the cryptocurrency market is starkly evident. According to CoinMarketCap, Bitcoin commands the top spot in terms of live market cap which amounts to a colossal $544 billion, moving towards its maximum supply limit of 21,000,000 coins with a circulating supply currently at 19,506,306 BTC coins.
Examining the 4-hour time frame, one observes a pivot point at $27,334. With Bitcoin on the verge of facing a resistance at $28,435, speculators pencil in subsequent resistances at $28,715 and $29,421. Bitcoin finds support at $26,649, and if the bearish weight grows heavier, a dip towards $24,556 might not be entirely out of the question.
However, the strong presence of bullish sentiment is indicated by the positioning of the Relative Strength Index (RSI) at 60, hinting at potential upward momentum. Further strengthening the bullish scenario, Bitcoin’s price has managed to surpass its 50-day Exponential Moving Average (EMA) at $27,444.
Critically, Bitcoin has shattered the $27,000 mark with a symmetrical triangle pattern breakout, typically interpreted as maintaining an upward trend. The bull bias remains strong as the price firmly rests above the $27,445 level with eyes locked on the resistance at $28,435.
In the grand scheme of things, signs are indicative of a forthcoming ride on the bullish wave for Bitcoin’s price, potentially hitting the speculated $28,435 by mid-October. As a parting word of caution, while the forecasts look rosy, investors and traders are encouraged to perform their due diligence before making their financial decisions.
For the enthusiasts keen on broadening their crypto horizons, insights into the top 15 alternative cryptocurrencies and ICO projects to watch by 2023 are available, so you won’t miss out on chances to explore fresh market possibilities. Remember, cryptocurrencies are implausibly volatile investments carrying substantial risks and require thorough research.
Source: Cryptonews
