Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/btc-price-analysis-how-high-will-bitcoin-go-this-uptober/">BTC Price Analysis: How High Will Bitcoin Go This ‘Uptober’?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
Losing the spirit of October for a moment last week, the BTC price action underwent a minor correction phase. Taking a reversal from the $28,000 mark, the correction phase led to a bottom formation close to $26,700, dropping below the 200-day EMA.&nbsp;
With such a high speed reversal, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> highlights a possibility of a bullish long jump this season.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50-1024x478.png" alt="" class="wp-image-237192" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/16112212/BTCUSD_2023-10-16_10-48-50.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Over the weekend, the BTC price regained the bullish momentum, with the Bitcoin spot ETF decision coming tomorrow. With such high sentiments, the buyers regained the trend momentum, leading to a 3.37% growth over the last 48 hours.&nbsp;
The price jump leads to a couple of bullish engulfing candles, surpassing the 200-day and 50-day EMA. The Bitcoin price action currently trades at $27,743, with an intraday growth of 2.08%.
Furthermore, the sudden reversal in BTC price creates a rounding bottom reversal with a neckline close to the $28,000 mark. Therefore, if the buyers are able to assert dominance over the $28,000 mark, the uptrend will have a higher chance of reaching $30,000.&nbsp;
Technical indicators:
RSI: The RSI line mimics the price reversal and displays an uptick to rise above the halfway line and the 14-day SMA. Moreover, it approaches the overbought boundary. The daily RSI line significantly improves the underlying bullish sentiments with this reversal.
EMA: The 50-day and 200-day EMA maintain a bullish alignment, and the sudden reversal in price brings an uptick in the 50-day EMA. If the bullish momentum sustains, the EMAs will provide dynamic support to BTC price.&nbsp;
<h2 class="wp-block-heading" id="h-where-is-the-bitcoin-btc-price-heading">Where is the Bitcoin (BTC) Price Heading?</h2>
Considering the uptrend exceeds the $28,000 mark, $30,000 is the next milestone for the BTC price. However, with the higher sentiments this ‘Uptober,’ a sentiment fuel rally can cross multiple resistance levels. In such a case, the $31,600 mark can be broken, and the buyers can touch the $35,000 mark.&nbsp;
On the flip side, the chances of a bearish reversal are minimal. However, if the sellers remain dominant at $28,000, with the SEC delaying the confirmation of Bitcoin’s spot ETF, a sideways trend is possible. In such a case, the price trend might again test the $27,000 mark.

BTC Price Analysis: How High Will Bitcoin Go This ‘Uptober’?

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