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Bitcoin Price Prediction – October 1
The Bitcoin price prediction shows that BTC revisits the resistance level of $48,000 as it targets a $52,000 high around the upper boundary of the channel.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $40,000, $43,000, $41,000
BTC/USD is currently recovering higher from the $43,287 support zone and the first digital asset must stay above the 9-day and 21-day moving averages to start another increase. As of the time of this writing, the Bitcoin price still sits above $47,000 as a near $50,000 peak was seen with this recent rally during the European session today but currently retreating as the market prepares for another trading day.
Bitcoin Price Prediction: Would BTC Gain More?
According to the daily chart, traders could see that the Bitcoin price converges above the key level of $48,000. The 9-day MA trend-line is likely to cross above the moving average as they prepare to create more upsides. The technical indicator Relative Strength Index (14) moves toward 60-level in an attempt to probably cross into the upside. However, the first major resistance is near the $50,000 level while the main resistance is still near the $51,000 level.
Moreover, a clear break above these levels could set the pace for a larger increase to $52,000, $54,000, and $56,000 resistance levels. Meanwhile, should the Bitcoin price fail to clear the $50,000 resistance, it could start a new decline as the initial support on the downside is near the $45,000 level. If there is a downside break below this level, the price could see a sharp decline towards the support levels of $40,000, $38,000, and $36,000 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, BTC/USD looks bullish as the market continues to show a sign of a bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $46,934 which is now a key support level. Meanwhile, any bearish movement below the 9-day moving average could locate critical support at $45,000 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $50,000 resistance. A climb above the upper boundary of the channel may further push the BTC price to the resistance level of $50,000 and above. As it appeared now, it seems the bears may likely return to the market as the Relative Strength Index (14) could move below 70-level, suggesting a bearish movement.
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