- Bitcoin (BTC) made a decisive move on Monday, October 2, breaking out of weeks of consolidation within a tight trading range and surpassing the $28,000 threshold.
- As the crypto market matures, traders and investors are now turning their attention to advanced machine learning algorithms that specialize in price predictions.
- Poppe suggests that a rise to $40,000 for Bitcoin in the fourth quarter is reasonable. This prediction implies more than a 40% potential increase from the current price.
At what dollar price will Bitcoin be traded at the end of Uptober? October 31 Bitcoin price prediction according to artificial intelligence algorithms!
Bitcoin Price Prediction for October 31, 2023
On Monday, October 2, Bitcoin (BTC) broke out of weeks of consolidation within a tight trading range, surging past the $28,000 threshold. This notable surge marks the end of a strategic accumulation period among crypto investors and signifies a significant uptrend as this cryptocurrency trades above $28,000 for the first time.
This impressive breakout occurred after Bitcoin overcame a decisive resistance level and followed a month characterized by a strategic accumulation period among crypto investors, marked by bearish sentiment.
As the crypto market matures, traders and investors are now turning their attention to advanced machine learning algorithms that specialize in price predictions. The goal is to use these advanced tools to examine Bitcoin’s trajectory through the end of October and consider the likelihood of surpassing the strong resistance at $30,000 once again.
Interestingly, artificial intelligence tools predict that Bitcoin’s price will hover around $30,403 on October 31st and surpass the $30,000 resistance.
The prediction is obtained using a range of fundamental technical indicators, including the moving average convergence divergence (MACD), the relative strength index (RSI), Bollinger Bands (BB), and more.
What Is the Current State of Bitcoin’s Price?
Bitcoin is currently steering the market at $28,290 and reflects an impressive 3.99% increase over the last 24 hours and a more notable 8.61% increase over the previous week.
A significant event occurred on October 2nd as Bitcoin quickly bounced from $27,000 to $28,528, increasing its market value from $528 billion to $552 billion, witnessing a significant $24 billion increase within just a few hours.
Prominent trader and analyst Michaël van de Poppe expresses optimism for October and the fourth quarter of 2023. This positive sentiment is attributed to the potential approval of spot Bitcoin exchange-traded funds (ETFs) and the historically observed price increases before each halving event.
Depending on these factors unfolding as expected, Poppe suggests that a rise to $40,000 for Bitcoin in the fourth quarter is reasonable. This prediction implies more than a 40% potential increase from the current price and presents an attractive opportunity for investors.
