October kicks off with a bullish surprise in the world of cryptocurrencies, as Bitcoin makes a significant recovery, surpassing $28,000 on the first day of the month. This surge has defied many bearish forecasts that had overshadowed the cryptocurrency throughout September.
Santiment, a blockchain analytics firm, took to Twitter to announce the notable milestone. BTC had not seen such heights since August 17th. Additionally, data revealed that wallets holding between 10,000 and 10,000 BTC accumulated a staggering $1.17 billion since the beginning of September.
As a result, the possibility of Bitcoin returning to a market value of $30,000 or more is becoming increasingly likely unless these wallets decide to unload their holdings.
The sudden upward momentum in Bitcoin’s price has caught many analysts off guard, especially those who had made bearish predictions for September. One such analyst, Benjamin Cowen, who had previously foreseen a plunge in Bitcoin’s value to $23,000 by the end of September, has had to revise his prediction.
Currently, BTC is trading at approximately $28,300.68, defying Cowen’s earlier pessimistic forecast. The lack of market volatility and sufficient liquidity appears to have played a crucial role in BTC’s resilience, preventing it from reaching the $23,000 level predicted by Cowen.
Bitcoin: Positive Sentiments & Strategies for “Uptober”
Market observers have expressed their appreciation for BTC’s resurgence. A well-known analyst, Michaël van de Poppe, remarked that Bitcoin’s return to $28,000 indicates an upward trend. He predicts that altcoins will follow suit as Bitcoin consolidates, making the upcoming quarter exciting for cryptocurrency enthusiasts.
Van de Poppe also suggested that buying the dip may be a profitable strategy, with possible retests at lower boundaries, such as $27,000-27,500, before a potential push beyond the $30,000 mark.
Other prominent analysts, including Jelle and Gert van Lagen, echoed the sentiment of a bullish trend. Jelle noted that Bitcoin had broken its mid-term downtrend, retested it, and was embarking on the next leg upward, welcoming what he termed “Uptober.”
Gert van Lagen highlighted BTC’s breakout from a descending channel that had persisted for over two years, marking a significant milestone for the cryptocurrency.
However, Bitcoin’s surprising resurgence above $28,000 at the beginning of October has confounded bearish predictions for September. With market sentiment turning increasingly bullish, cryptocurrency enthusiasts are eagerly watching to see if BTC can sustain its upward momentum and potentially breach the $30,000 threshold in the near future.