- Bitcoin (BTC) surged above the $28,000 milestone on October 2nd, marking its first climb above this level since mid-August.
- Michaël van de Poppe believes that optimism could return among investors for October and throughout 2023 due to ETF approvals and the typical pre-halving price increase.
- Bitcoin potentially has to overcome significant hurdles before reaching $40,000. One of these is reclaiming the $30,000 level.
Bitcoin’s price has had a strong start to Uptober, and investors are now wondering what the target is. A renowned analyst evaluated the situation!
Welcome to Uptober: Bitcoin on the Rise!
After trading within a narrow range for weeks, Bitcoin (BTC) surged above the $28,000 milestone on October 2nd, marking its first climb above this level since mid-August.
This breakout came after BTC broke critical resistance and following a period of accumulation by crypto investors for about a month. However, according to popular crypto expert Michaël van de Poppe, this could just be the beginning of a significant bullish run for BTC.
Specifically, popular trader and analyst Michaël van de Poppe believes that optimism could return among investors for October and throughout 2023 due to ETF approvals and the typical pre-halving price increase. Poppe stated:
“Welcome to Uptober. Welcome to the 4th quarter, guided by ETF approvals and the rally before the halving.”
Poppe added that if these factors play out as expected, a potential rise to $40,000 for Bitcoin in the 4th quarter is “reasonable,” indicating over a 40% potential increase from the current price.
The $40,000 Target
Before Bitcoin can potentially rise to $40,000, there are significant hurdles to overcome. One of them is reclaiming the $30,000 level. Santiment noted on Monday that Bitcoin’s climb above the $28,000 level followed crypto sharks and whales (investors holding 10 to 10,000 BTC) accumulating a total of $1.17 billion since September 1st.
Santiment added that if these investors do not start selling their BTC holdings, it becomes “increasingly likely” that the world’s largest cryptocurrency may return to the $30,000 level.
BTC has not traded above $30,000 since July, amid increased market uncertainty and a lack of optimism due to the Fed’s tough statements and the SEC’s ETF decision delays. However, with the start of October, confidence historically associated with a bullish month for crypto has returned among investors, pushing Bitcoin above a significant hurdle.
