Bitcoin has been moving sideways for the last few weeks. Although the price has managed to stay above the psychological $10,000 level, it failed to break $11,000, let alone go to $12,000, which was expected for some time now. What does the future hold for Bitcoin in the short and long term? In this article, we will discuss Bitcoin price prediction and do some price analysis to give you an idea of what to expect in the month of October 2020.
Bitcoin is the first cryptocurrency ever created and was first launched in 2009. Since then, many other cryptocurrencies have been launched, but Bitcoin has maintained its lead as the number one cryptocurrency by market cap. It currently has a market capitalization of $199,737,591,496 and is trading at $10,795.04. Bitcoin, unlike most other cryptos, has a small capped supply of 21 million coins, meaning that there can never be more than 21 million Bitcoins.
Apart from being created as a currency for transfer of value, it is also currently considered as a store of value like gold. There is an argument that Bitcoin is more of gold than gold in itself. In other words, it is a better store of value than gold, which has been around for many centuries. This is because Bitcoin being an electronic asset has some properties that make it more secure and portable than gold.
These include the fact that you can carry it anywhere without requiring any extra space like gold does, and it also cannot be faked, unlike gold. Mainstream investors have recently started to show interest in the asset. Thus, more and more people want to own a Bitcoin wallet to be able to store it safely, and this interest is expected to grow in the future.
Bitcoin Price Prediction: Analysis
Bitcoin has been quite stable since the year started, making major price moves just a fraction of the time. The most impressive price move was seen towards the end of July when Bitcoin rose to $10,000 again after staying below it for some time. This was marked with euphoria as Bitcoin continued to rise, reaching $12,329, the highest price for the year on August 17. The price has since dropped to lower levels, but a major nosedive started at the beginning of September, which brought the price down from $12,043 to $10,233 again within two days.
The following are current support and resistance levels as calculated by Walletinvestor.
- Resistance Level (R3): 10990.30
- Resistance Level (R2): 10896.80
- Resistance Level (R1): 10834.20
- Pivot Point: 10740.70
- Support Level (S1): 10678.10
- Support Level (S2): 10584.60
- Support Level (S3): 10522.00
The cryptocurrency exchange, KuCoin, was hacked just about 48 hours ago. According to reports confirmed by the exchange, the hacker stole $150 million in Bitcoin and other Ethereum-based cryptocurrencies. This is not the first time an exchange has been hacked in this manner. Other top exchanges, including Binance, have had similar experiences.
However, the hack doesn’t seem to affect Bitcoin’s performance. Though it has been-range bound for some time now, the asset broke the 30-day moving average over the weekend in spite of the hack news. According to OKEx Insights’ Crypto Market Daily, Bitcoin has found support at $10,600 and is now targeting $11,000 again.
Bitcoin Price Prediction: Market Opinion for September 2020
Below are the opinions of key price prediction and analysis websites that should give you a clearer understanding of the market as an investor.
Long Forecast predicts that Bitcoin will start the month of October at $10,732. After ranging between $9,675 and $12,316, it is expected to close at $10,741, at a loss of -8.41%.
Being one of the leading price prediction and analysis platforms, gov.capital forecasts that Bitcoin will trend around $12,000 but will not exceed $13,953 in October. Below are the expected prices for the month:
|Calendar date||Regular||Least possible price||Best possible price|
|2020 October 01, Thursday||10985.08||9337.318||12632.842|
|2020 October 02, Friday||10979.46||9332.541||12626.379|
|2020 October 03, Saturday||10972.27||9326.4295||12618.1105|
|2020 October 04, Sunday||10910.99||9274.3415||12547.6385|
|2020 October 05, Monday||10924.13||9285.5105||12562.7495|
|2020 October 06, Tuesday||10958.23||9314.4955||12601.9645|
|2020 October 07, Wednesday||10963.40||9318.89||12607.91|
|2020 October 08, Thursday||11066.77||9406.7545||12726.7855|
|2020 October 09, Friday||11160.87||9486.7395||12835.0005|
|2020 October 10, Saturday||11323.11||9624.6435||13021.5765|
|2020 October 11, Sunday||11135.18||9464.903||12805.457|
|2020 October 12, Monday||11247.72||9560.562||12934.878|
|2020 October 13, Tuesday||11445.79||9728.9215||13162.6585|
|2020 October 14, Wednesday||11464.42||9744.757||13184.083|
|2020 October 15, Thursday||11504.81||9779.0885||13230.5315|
|2020 October 16, Friday||11460.26||9741.221||13179.299|
|2020 October 17, Saturday||11485.53||9762.7005||13208.3595|
|2020 October 18, Sunday||11326.49||9627.5165||13025.4635|
|2020 October 19, Monday||11421.74||9708.479||13135.001|
|2020 October 20, Tuesday||11506.97||9780.9245||13233.0155|
|2020 October 21, Wednesday||11692.71||9938.8035||13446.6165|
|2020 October 22, Thursday||11615.06||9872.801||13357.319|
|2020 October 23, Friday||11457.13||9738.5605||13175.6995|
|2020 October 24, Saturday||11342.91||9641.4735||13044.3465|
|2020 October 25, Sunday||11382.68||9675.278||13090.082|
|2020 October 26, Monday||11977.43||10180.8155||13774.0445|
|2020 October 27, Tuesday||12028.72||10224.412||13833.028|
|2020 October 28, Wednesday||12038.30||10232.555||13844.045|
|2020 October 29, Thursday||12015.74||10213.379||13818.101|
|2020 October 30, Friday||12014.72||10212.512||13816.928|
|2020 October 31, Saturday||12104.31||10288.6635||13919.9565|
Tradingbeasts.com forecasts that Bitcoin will rise to a maximum of $12,039.479 in October. It also predicts that the opening price for the month will be $9,591.083 and the closing price – $9,631.584.
Bitcoin Price Prediction: Verdict
Bitcoin has proven to be a profitable investment with a return on investment of nearly 8,000% since its launch. While the predictions here may not be absolutely accurate, looking at them together should give you a clue as to where the market is going so that you can make informed investment decisions.
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