Satoshi

Cryptocurrency

Solana

Bitcoin

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 <p class="paragraph">The majority of assets in the cryptocurrency sector have started off the week on a very positive note, led by the flagship decentralized finance (DeFi) asset, Bitcoin (BTC), which has long surpassed the critical psychological threshold of $28,000 and some believe its push upward could get even stronger.</p> 
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 <p class="paragraph">As it happens, pseudonymous crypto trading analyst <em>Cryptoinsightuk</em> noted the last five occasions when Bitcoin’s weekly relative strength index (RSI) indicator crossed above the 50 mark (green) and then fell back below this level (red), according to the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> shared in an X post on October 2.</p> 
 <p class="paragraph">Taking into account these movements, the crypto expert has concluded that the “average move comes out to 1,100%,” which could be possible for Bitcoin “in the right circumstance with a supply squeeze,” as well as the introduction of a spot Bitcoin exchange-traded fund (ETF).</p> 
 <figure class="wp-block-image aligncenter"> 
  <img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh3.googleusercontent.com/COIXs_b0mrh_QBIK8qD2CNqHkNpfBnUxwkPJOQsZwQ_BYraCWiX01cR5vnzxd1UpF1o-4o4oVEM2lTJhMVPzkAhY-R5aOAYMwJZUoqi7rKoWg_GPea8VrIaN5dL3JX7sCf2lHXjKg3dZxNB68w0KPRA" alt> 
  <figcaption class="wp-element-caption"> <em>Bitcoin price action analysis. Source: </em><em>Cryptoinsightuk</em> 
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 <p class="paragraph">On the other hand, <em>Cryptoinsightuk </em>admitted that there were arguments against such a conclusion, but even if that were the case, Bitcoin could still make a powerful move toward surpassing an impressive price threshold of $100,000:</p> 
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  <p class="paragraph">“You could argue the 2015 to 2018 push was an anomaly, and we cannot replicate something like this. Without these values, we would average 278%, which would take us to $105,000 for Bitcoin.”</p> 
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 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">As things stand, Bitcoin is currently changing hands at the price of $28,262, which represents an increase of 4.07% on the day, an 8.38% gain across the past week, as well as a 9.55% growth over the last month, according to the most recent charts retrieved on October 2.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/02/d3200768b3f977bea376be9a2bae0dd5.webp" alt class="wp-image-130853" srcset="https://cdn.thebittimes.com/images/2023/10/02/d3200768b3f977bea376be9a2bae0dd5.webp 1024w, https://cdn.thebittimes.com/images/2023/10/02/d3200768b3f977bea376be9a2bae0dd5.webp 300w, https://cdn.thebittimes.com/images/2023/10/02/d3200768b3f977bea376be9a2bae0dd5.webp 768w, https://cdn.thebittimes.com/images/2023/10/02/d3200768b3f977bea376be9a2bae0dd5.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption"> <em>Bitcoin 7-day price chart. Source: </em><em>Finbold</em> 
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 <p class="paragraph">Considering the price of Bitcoin at press time, the maiden cryptocurrency making a massive upward move of 1,100% would lead it to well above $310,000 – not just a new all-time high (ATH) but surpassing the expectations of most finance experts and investors, including those by popular trader and analyst Michaël van de Poppe.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/is-bitcoin-about-to-skyrocket-1-100-expert-analysis-tbt64808.html">https://thebittimes.com/is-bitcoin-about-to-skyrocket-1-100-expert-analysis-tbt64808.html</a></p>

Is Bitcoin about to skyrocket 1,100%? Expert analysis

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TheBitTimes

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