The Bitcoin price may be in for a tumultuous October, according to cryptocurrency analyst Stockmoney Lizards. On the social media platform This prediction is based on a technical price analysis.
Bitcoin price above $65,000
At the time of writing, the Bitcoin price is just above the $65,000 mark. In the last 24 hours, the coin has risen by 2.7%.
This increase seems to be mainly due to positive news surrounding the payout of BTC by the bankrupt Japanese exchange Mt. Gox. The trading platform has been threatening to release billions of dollars in Bitcoin to affected customers for some time now.
The market fears that these payouts will lead to massive selling, which could cause a sharp drop in prices. Now that the payout has been postponed, the pressure on the Bitcoin price has reduced, making investors willing to buy more BTC.
Potential Bitcoin Rally of 23%
This positive news could trigger a further rally, with the $65,000 price level being crucial. If Bitcoin manages to stay above this limit, it would be a strong signal for further growth. According to Stockmoney Lizards, this level acts as a key resistance point within the current trend channel that Bitcoin has been in for some time.
In his analysis on
Major liquidation of BTC short positions
The recent price increase is partly fueled by the liquidation of short positions. Data from Glassnode shows that as much as $2.5 billion worth of short positions have been liquidated between $58,900 and $63,400. These liquidations drive the price higher, which in turn forces other short sellers to close their positions, which can push the price up even further.
Source: https://newsbit.nl/crypto-analist-voorspelt-bitcoin-koers-kan-in-oktober-stijgen-naar-80-000/
