• Why Bitcoin could come close to $80,000 by October-end

  • Over the last week, Bitcoin has pierced several price ceilings. The king coin was well and truly back within a bullish long-term bias after touching $55K for the first time in five months. Moving forward, a decisive close above the 23.6 percent Fibonacci level would propel BTC to $60,000, leaving sellers with only a limited number of options. BTC was trading at $55,525 at the time of writing, up 2.9 percent in the previous 24 hours.

    Daily Bitcoin Chart

    The market leader’s gains in the first eight days of October have accounted for nearly 40% of the total. With a difficult month of September behind it and a golden cross occurring just a few days ago, BTC has reverted to a bullish bias. Getting past the 78.6 percent Fibonacci Extension and the $60,000 price ceiling would pave the way for a new ATH. If bulls can maintain their relentless pressure, the 138.2 percent ($73,031) and 161.8 percent ($78,744) Fibonacci levels could be BTC’s next destinations.

    According to the Visible Range, BTC may face some selling pressure between $58,600 and $60,000, but bears have few options above this level. This range appeared to be the final stumbling block in BTC’s path to $70,000 in many ways. If sellers prevail, look for a retest of near-term support levels of $53,000 and $50,000.

    Reasoning

    The indicators for BTC were expected to bring in more buyers to the market. Following a bullish crossover, the +DI of the Directional Movement Index resumed movement above the -DI. The MACD has also maintained its upward trend and is now trading above the half-line. Short-sellers would be discouraged from placing their bets based on this reading.

    Historically, BTC has repeatedly pushed its RSI into the overbought zone during a single rally. Currently, the RSI had only formed one peak in the upper zone and had more room for growth before reversing course.

    Conclusion

    Buyers and sellers may clash in the $58,600-$60,000 price range in the coming days. From there, a close above $60,000 with conviction would propel BTC to a new all-time high. BTC could even extend up to its 138.2 percent and 161.8 percent Fibonacci Extension levels by the end of October if upward pressure does not show any cracks.

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