Bitcoin entered October strongly after spending September in a certain range.
At this point, BTC has registered a strong breakout above the 200-day moving average, rising more than 4% in the last few hours to over $28,000, giving it a great start for Q4 2023.
While this rise in Bitcoin delights investors, analysts think that this rise may go up to $ 31,000.
At this point, popular cryptocurrency analyst Ali Martinez said that, according to the technical chart, this rise opened the doors for the BTC price to rise up to $ 31,000.
According to the analyst, this means investors can prepare for another 10% price rise from current levels.
“The last time we saw a breakout like this in Bitcoin, it went as high as $31,000.”
#Bitcoin | The last time we saw a breakout like the current one, $BTC rallied all the way up to $31,000! pic.twitter.com/9MbBv0ubQ4
— Ali (@ali_charts) October 2, 2023
Apart from Ali Martinez, Santiment also shared Bitcoin.
Stating that BTC exceeded $ 28,000 for the first time since August 17, Santiment said that whale addresses holding 10-10,000 BTC have accumulated a total of $ 1.17 billion since September 1.
At this point, Santiment stated that $30,000 seems more likely unless these wallets start to empty, that is, whales start selling.
“Bitcoin rose above $28,000 for the first time since August 17.
Wallets holding 10-10 thousand BTC have accumulated a total of $ 1.17 billion since September 1.
Unless these wallets start selling BTC, a return to the $30,000 market cap seems more likely. “
Bitcoin continues to trade at $28,295 at the time of writing.
🐳 #Bitcoin has blasted back above $28K for the first time since August 17th. With 10-10K $BTC wallets accumulating a combined $1.17B since September 1st, a return to a $30K market value looks more and more likely unless these wallets now start dumping. https://t.co/sdcPWGiBMg pic.twitter.com/zN741HmDqh
— Santiment (@santimentfeed) October 2, 2023
*This is not investment advice.
