As a seasoned researcher and analyst who has navigated the crypto markets for years, I find Mikybull Crypto’s prediction of a Bitcoin price breakout this month to be intriguing, albeit with a pinch of skepticism. The wave 5 expansion he foresees could potentially push BTC to new all-time highs, but the current market volatility and external factors such as geopolitical tensions make it challenging to predict with absolute certainty.
Cryptocurrency expert Mikybull Crypto anticipates a positive trend for Bitcoin‘s price, suggesting it could surge past its current level by October’s end, fueled by an upswing known as wave 5. This optimistic view arises despite some external elements that may cause the value of BTC to dip below $60,000, with the initial struggles in ‘Uptober’ persisting.
Bitcoin Price Breakout To Happen This Month
Mikybull Crypto forecasted in a recent post that a significant increase in Bitcoin’s price, referred to as a breakout, may occur this month, specifically around the anticipated 22nd of the current month. He also mentioned that investors should be prepared for temporary market adjustments during wave 4, which is an extended correction phase. Furthermore, he cautioned against selling too early as the breakout is imminent.
As an analyst, I’ve just reviewed a chart suggesting that the upcoming wave 5 expansion might propel Bitcoin to a range between $95,000 and $120,000. If this forecast holds true, it could mean Bitcoin will establish a new all-time high (ATH) this month. However, it’s important to note that I didn’t receive any indication from my analysis whether this potential price surge would signal the peak of the current cycle for Bitcoin prices.
Markus Thielen, founder of 10x Research, shares similar forecasts with him. Thielen anticipates Bitcoin will set a new all-time high (ATH) around late October, but his projection is more moderate, suggesting the price could peak at about $75,000 – higher than its current ATH of $73,000.
The Wave 4 Extended Correction Could Lead To Lower Prices
According to Mikybull Crypto’s analysis, the ongoing price correction for Bitcoin (BTC), which may extend further, could potentially cause BTC prices to decrease even more. Currently, the Bitcoin market is volatile due to the impending attack by Israel, and there’s a possibility that the price could drop towards $57,000. Given this situation, it’s plausible that BTC might soon breach its significant support level around $60,000.
Crypto expert Ali Martinez shared his perspective on potential BTC price drops, suggesting it could reach $57,000. The critical level to focus on, according to him, is $60,365. If Bitcoin breaks below this point, he predicts a possible drop to $57,420. Conversely, if Bitcoin maintains its position above the $60,365 mark, he anticipates a potential recovery towards $63,300.
Santiment’s on-chain analysis indicates that a potential decrease in Bitcoin’s price might be beneficial. This assessment is based on the observation that enthusiasm towards the cryptocurrency market has noticeably waned since Bitcoin dipped from its recent peak of $66,400 on September 27, as per Santiment’s findings.
This shift in atmosphere is hopeful, given that markets generally tend to go against the public’s predicted direction.
The Macro Side Is Still One To Keep An Eye On
As a researcher, I’m closely monitoring the ongoing Bitcoin price projections, with a particular focus on the broader macroeconomic landscape. The current market scenario, as pointed out by The Kobeissi Letter, is puzzling due to the discrepancy between the data and the Federal Reserve’s narrative. Moreover, it appears that the market is gradually factoring in another surge in inflation rates.
The Kobeissi Letter referenced unexpectedly high ISM Non-Manufacturing PMI figures, the highest since January 2023. This suggests a possibility that the US economy might not be as robust as it appears based on Fed Chair Jerome Powell’s previous portrayals. Attention will now focus on the Jobs report data set to release on October 4th.
As a researcher, I eagerly await the release of the upcoming jobs report. This data will shed light on whether the labor market, as Chairman Powell has suggested, is truly robust. Additionally, it will offer valuable insights into the potential actions the Federal Reserve might take during their next FOMC meeting in November.
It’s possible that the Federal Reserve in the United States may make additional reductions in interest rates by the end of the year. Yet, they might choose to delay these cuts if the upcoming inflation figures don’t match their forecasts.
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2024-10-03 22:30