Bitcoin Price Prediction – October 1
The Bitcoin price prediction remains at the upside as the bulls are holding tight to the market after the coin touches the $43,287 support.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $40,000, $38,000, $36,000
Earlier today, BTC/USD begins to push higher as the king coin touches the daily high of $48,200. Meanwhile, the 9-day moving average is likely to cross above the 21-day moving average to keep the upward movement, and bulls are now just a stone’s throw away from reaching the $50,000 level. However, with the look of things, the buyers are in full control of the market, and there is a strong likelihood that further upside could come into focus.
At the time of writing, the Bitcoin price is trading up 9.54% at its current price of $48,004. Moreover, as the resistance mounts, the movement towards $50,000 may likely come into focus and the next few positive movements could reveal where Bitcoin (BTC) and other altcoins may trend.
Moreover, if bulls can cause the price to remain above the 9-day and 21-day moving averages, moving up further could push the price towards the upper boundary of the channel to touch the resistance levels of $52,000, $54,000, and $56,000. Fortunately, the technical indicator Relative Strength Index (14) is still looking towards the upside, suggesting more bullish signals into the market.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4 hour chart, BTC/USD is trading at $47,897 as all eyes are glued to the $48,000 resistance level. Looking at the chart currently, the coin is seen trading around the upper boundary of the channel while the existing daily trend is bullish. Therefore, the buyers could remain in the driver’s seat but rapid price actions may need to play out.
At the time of writing, the buyers may need to break above the channel, which is why Bitcoin’s priority still remains the same and the coin may likely hit the resistance level of $50,000 and above. Meanwhile, if the technical indicator Relative Strength Index (14) moves out of the overbought region, BTC/USD may likely reach the support level of $46,000 and below.
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