October brought new hope to cryptocurrency market players as the price of BTC rebounded to a high of $28,600 on Tuesday before falling slightly. The surge comes after several weeks showing an upward trend, with many hoping that the new month will bring better prospects for the crypto market.
One of the main factors contributing to this optimistic nature is based on the positive sentiment and technical patterns of Bitcoin. Today, crypto analytics firm Santiment has released findings that highlight the importance of several large transactions taking place before Bitcoin crosses the $28,000 mark for the first time in six weeks.
According to the firm, these transactions ranged from $187 million to $346 million. In addition, the firm also emphasized that the supply of Bitcoin on the exchange has decreased from 5.99% to 5.73% since September 1, a trend seen as a positive sign for the market.
Recently, the firm also reported that a large number of Bitcoin owners (Whales) have accumulated Bitcoin and Tether (USDT) over the last six weeks. As of September 29, these Whales collectively held 13.03 million BTC, the highest amount in 2023.
On the other hand, crypto analysts also share their positive outlook for Bitcoin. Adrian Zduńczyk, has predicted a BTC price target that is expected to jump to $40,500. The forecast is based on market optimism, a dominant upward trend, and a six-month accumulation period that shows the potential to surge higher.
Rekt Capital, another crypto analyst, has shared that Bitcoin faced resistance around $27,100 in September but broke through it in October. According to him, the recovery of this resistance level as support could result in further price increases.
Waima so there are a handful of analysts analysts, such as "Stockmoneylizards," advise to be careful because the chart of 2020 shows the same and can bring it through to the bottom.
At the time of writing, the price of Bitcoin showed a decrease of 3% in the last 24 hours, with a price of $27,471
