Key Takeaways
- Crypto experts speculate that the crypto market, including BTC, could potentially gain 30% or more.
- Current price action and optimism would see the price rally towards potential new all-time highs.
- Despite the recent market dump, overall market sentiment remains bullish ahead of a new monthly candle.
The price of Bitcoin (BTC) has struggled in the last few weeks, trading below the key zone of $108,800, while the price of Gold continues to create new all-time highs, as traders and investors remain optimistic that BTC will catch up in price.
While the price of the number one crypto asset has struggled to show strong bullish momentum in August and September, investors and experts continue to suggest that the price and the broader crypto market have a strong upward charge in the coming weeks or months.
With the market poised to close the monthly candle, a strong close could lead to its price trading with strong price action to the upside.
BTC Monthly Price Analysis
Source – BTC Price Chart from TradingView
The price of Bitcoin (BTC) reached a new all-time high of $124k, surpassing market expectations of a potential $130k. However, the price suffered a decline toward a region of $108,000, where it solidified its rebound, rising above a key demand zone to a high of $117k.
Following its rally to such a high, the price further declined to $108,800, a previous key zone, as the market was expected to break this region to the downside and potentially toward $100k.
Price quickly rebounded from this zone to trade higher, around $114,500, as it aims to close the monthly candle strongly. If the price continues its push above the $117k resistance in the coming hours to days, it could rally higher towards new all-time highs in a few days or weeks.
This rally could also help solidify the expectations of traders and investors regarding the crypto market performing well in October.
October Optimism Still Active
The crypto market is filled with huge optimism regarding the start of October, as historically, this month has been the best-performing month for the market, with an average rally of 27%.
If history is to repeat itself tomorrow, we could see the market rally to new highs for many altcoins, including Solana, DOGE, ETH, and the number one crypto asset, BTC, potentially reaching new all-time highs.
FAQs
How much is BTC right now?
Bitcoin currently trades around $114,000 following a recent market price crash.
Why is Bitcoin price dropping?
The price of Bitcoin could see a strong market push to the upside if the price breaks above the key 117k resistance.
Is Bitcoin going up or down today?
The price currently trades in a range channel as it nears a major breakout.
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