The Bitcoin worth efficiency over the previous week might have dashed the excessive hopes of many fans, however this has not stopped bullish projections for the premier cryptocurrency. Crypto specialists proceed to postulate theories on why and the way BTC is ready for an additional bullish trajectory quickly.
The latest Bitcoin worth prediction comes from a outstanding crypto dealer and analyst who makes use of the pseudonym Mags on the X (previously Twitter) platform.
Can This Bitcoin Value Historical past Repeat Itself?
On Sunday, October 15, Mags shared his evaluation of Bitcoin through a submit on X, suggesting an impending worth rally for the premier cryptocurrency. The crypto analyst’s BTC worth prediction revolves across the Shifting Common Convergence Divergence (MACD) technical indicator.
Supply: Mags/X
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In line with the chart highlighted within the submit, Bitcoin’s MACD has undergone a bullish cross from under the zero line. And based mostly on Mags’ evaluation, that is the second time it will occur on the Bitcoin worth chart.
The primary time the MACD bullish cross occurred was in 2016. Going by the highlighted chart, this cross triggered a big bullish run for Bitcoin, which noticed the worth of BTC go as excessive as $20,000 within the following yr.
Mags’ evaluation means that assuming previous tendencies maintain, the worth of Bitcoin might rise to $200,000 by the center of 2025. Nevertheless, the analyst famous that the Shifting Common Convergence Divergence indicator alerts long-term pattern change. Mags added:
Brief-term fluctuations are regular. Costs may transfer sideways and even go barely decrease on the LTF (decrease timeframe) earlier than the Bull Run begins.
BTC Value In The Brief Time period
As beforehand implied, Bitcoin’s worth struggled to keep up its just lately gained momentum all through the previous week, resulting in the premier cryptocurrency falling to $26,500 for the primary time in October. In line with CoinGecko knowledge, Bitcoin trades at $26,890 with sideways motion prior to now day. Nevertheless, the BTC worth skilled a 3.7% decline on the weekly timeframe.
For the time being, Bitcoin continues to take care of varied exterior forces, together with macroeconomic elements, common adoption, and regulatory developments just like the approval of a spot exchange-traded fund (ETF) by the US Securities and Trade Fee (SEC).
Not too long ago, the SEC opted to not problem the Grayscale ETF resolution, sparking talks of the approaching launch of a Bitcoin spot exchange-traded fund. Following this constructive growth, BTC has regained a few of its misplaced impetus, though it appears to be struggling to regain the $27,000 mark.
Bitcoin worth hovering round $27,000 on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
