In today’s article, we will be looking at some of the factors that could help us determine a Bitcoin price prediction for October 2019.
What Is Bitcoin (BTC)?
Bitcoin is currently the most well-known and highest valued crypto on the market. It was also the first cryptocurrency ever invented, being launched in 2009 by the anonymous entity Satoshi Nakamoto.
The coin has started gaining adoption in recent years, especially after it almost reached the $20,000 mark back in 2017.
Bitcoin Price Prediction for October 2019
Bitcoin has a current trading price of $8,263.07, down with 1.78% for the day. The market cap of Bitcoin is $148,478,682,604 with a 24-hour trading volume of $14,397,119,266. The price reached its maximum of $8,497.69 in the last 24 hours while the lowest price was $8,227.70.
September started out to be a positive month, debuting at $9,641 and, the second day, the price escalated to pass the $10,000 mark. For a few weeks, the price then tested the $11,000 resistance, but the highest it reached for the entire month was $10, 869. BTC fluctuated slightly but maintained itself above $10,000 up until September 23. From that day, it slowly started descending until September 24 when it plummeted to $8,554.
While things were looking rather optimistic at the start of the previous month, the coin continues its downward trend towards the end of the month, reaching the lowest on September 30 at $7,830.
October 1 saw some gains, starting the month with $8,295. The price gained momentum in a few hours, peaking two times at $8,400 that day. BTC closed the day at 8,374. On October 2, Bitcoin once again reached the $8,400 level but did not manage to remain at that level.
Factors That Might Influence the Price
No one is able to accurately predict the price of Bitcoin, as there are many market factors involved. Some analysts noticed that Bitcoin doesn’t follow the classic market analysis, so using a regular chart analysis to guess the price might leave you more confused.
Factors, such as new developments, market integration, lightning network integrations, and new institutional investments might influence the price, so it would be recommended to keep an eye on the crypto news or blogs for anything related to Bitcoin.
In recent news, Bakkt launched its physically-backed Bitcoin futures on September 23, 2019. When the news of the upcoming launch was made, Bitcoin surged by 10%, and people were sure that BTC was going to see a bullish trend form right after the launch. But when it actually happened, BTC’s price did not see any significant gains, and a few days later it actually dropped. The reason for this lack of market response is probably due to investors knowing in advance and slowly building up their bitcoin balances before the launch.
There have been also many other top exchanges and institutional firms that are either launching or developing their own bitcoin futures services.
Bitcoin also hit a new record in terms of its hashrate, reaching its highest value ever at 62 quintillions per second.
Bitcoin Price Prediction: Market Opinion for October 2019
There have been many crypto sites and analysts that have formulated their own Bitcoin price prediction for October. To offer a complete image of the market opinion of the BTC price evolution, we will be including some of these price forecasts.
Previsionibitcoin gives an optimistic bitcoin price prediction for October 2019, saying that the coin might get a substantial boost in price.
Poundf.co made a Bitcoin price prediction for every day of the month of October, with price highs and lows (in British pounds, but we will be converting them into USD).
The site predicts that on Thursday, October 3, the price will be $8,309.16, high $8,890.52, low $7,727.80. Their Bitcoin forecast for Wednesday, October 30, saw bitcoin at a price of $6683.80, with the highest value at $66,845,149.49, and the lowest at $6,216.26. They predict that October will close at a price of $6,707.05, with a maximum of $7,177.04, and a minimum of $6,237.07.
Just like Poundf.co, 30rates also features a Bitcoin price prediction for every day of the month.
The site predicted that on Thursday, October 3, the minimum price for Bitcoin would be $7,755, the maximum $8,923, and the day would close at $8,339. For Monday, October 7, they predicted the minimum price to be $7,838, with a maximum of $9,018, with the day closing at $8,428 per coin.
For October 14, the Bitcoin price will see a minimum price of $6,650, a maximum of $7,652 and the coin will end the day at $7,151.
The site predicts that on October 21, the minimum price would be at around $6,344, with a maximum of $7,300, and the coin will have a price of $6,822 at the end of the day.
The price prediction for Wednesday, October 30, forecasts a minimum price of $6,345, with the highest value at $7,301, and $6,823 closing price for the day. The last day of the month, October 31, was predicted to have a minimum price of $6,379 and a maximum of $7,339, with a closing price of $6,859 for the day.
Longforecast’s forecasted that the coin will start October at $8,315, which is in the range with the real prices. The site predicted that the maximum value BTC will have this month is $9,199, with a minimum price of $6,184. The month’s average was estimated at $7,639. They expend the price to close the month at $6,859, change for October – 17.5%.
An anonymous analyst that accurately predicted Bitcoin’s price of $9,200 by July 2019 has now stated that Bitcoin will reach $16,000 by October 2019. The analyst first posted his July prediction back in January 2019. This is a very optimist prediction which will require a strong bullish impulse from the market. But as Bitcoin managed to surge 127% over the past 3 months alone, another surge at almost half the percentage is not all that impossible.
Galaxy Twitter User
Another extreme bitcoin price prediction comes from popular crypto Twitter user “Galaxy”, which believes that BTC will hit $62000 in just four months from now.
Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.
— Galaxy (@galaxyBTC) June 17, 2019
The Coinfan website predicted that Bitcoin’s lowest price for October 2019 will be $10,187, and the highest value at $13, 017.
Trying to predict the price of any coin is incredibly difficult. The best analysts and traders can speculate on past price movements and how they were correlated to the trends of the time. Following the latest developments and innovations that involve Bitcoin and Bitcoin-based financial products (futures, derivatives, ETFs) allows you to estimate the market reaction, but you should also take into account market sentiment do create a more well-rounded price prediction.
Featured image: criptonoticias.com