Bitcoin in October last year had an average closing price of $58,051. It enters the first day of the same month this year with significantly less value, trading at $19,358 at the time of this writing, according to tracking CoinGecko.
- Bitcoin is currently trading above the $19,000 mark
- In October 2021, Bitcoin traded above the $60,000 mark for 16 consecutive days
- Bitcoin aims to regain the $20,000 level
But even with this huge discrepancy in value, some experts believe the first cryptocurrency could be on the verge of significant price movement as October approaches – a month considered “favorable” for the asset.
Source: CoinGecko
After all, it was during this month last year that Bitcoin hit one of its highest prices before hitting an all-time high in November 2021 when it briefly traded at over $68,000.
On October 20, 2021, the digital asset closed at $66,109. Its price topped the $60,000 mark for 16 consecutive days starting on October 15.
In light of this, it’s safe to say that Kitco News analyst Jim Wyckoff was spot on when he said the crypto is expected to make notable jumps in value this month.
Decrease in bitcoin volatility
The US dollar is currently on a rampage, dominating some of its other global fiat currencies. It showed a strong performance against the British Pound, Euro, Japanese Yen, Canadian Dollar and Swedish Krona.
This level of dominance exhibited by the greenback has made Bitcoin, the precursor to crypto, a viable alternative.
This development, according to Wyckoff, has stabilized Bitcoin price as it attempts to hold the $19,000 level before making a big price move.
The predictions, however, are still a far cry from what the digital asset achieved in October of last year.
Objective: return to the $20,000 level
Bitcoin had a dismal September this year, only managing to peak around $20,000.
This month, crypto trading expert Michael Van de Poppe said the largest cryptocurrency by market capitalization could target a price of $19,600 provided it is able to sustain itself at the 19,300 level. $.
But the crypto community seems more optimistic, claiming that Bitcoin can close October 2022 with a value of $22,857.
The digital asset can achieve this goal if it manages to break out of the bear market and somehow start a bullish rally.
For now, Bitcoin is focused on reclaiming the $20,000 level as it has struggled to climb and stay there.
BTCUSD pair still working to reach $20K level, trading at $19,304 on the weekend chart | Source: TradingView.com Featured image from CNBC, Chart: TradingView.com
Bitcoin in October last year had an average closing price of $58,051. It enters the first day of the same month this year with significantly less value, trading at $19,358 at the time of this writing, according to tracking CoinGecko.
- Bitcoin is currently trading above the $19,000 mark
- In October 2021, Bitcoin traded above the $60,000 mark for 16 consecutive days
- Bitcoin aims to regain the $20,000 level
But even with this huge discrepancy in value, some experts believe the first cryptocurrency could be on the verge of significant price movement as October approaches – a month considered “favorable” for the asset.
Source: CoinGecko
After all, it was during this month last year that Bitcoin hit one of its highest prices before hitting an all-time high in November 2021 when it briefly traded at over $68,000.
On October 20, 2021, the digital asset closed at $66,109. Its price topped the $60,000 mark for 16 consecutive days starting on October 15.
In light of this, it’s safe to say that Kitco News analyst Jim Wyckoff was spot on when he said the crypto is expected to make notable jumps in value this month.
Decrease in bitcoin volatility
The US dollar is currently on a rampage, dominating some of its other global fiat currencies. It showed a strong performance against the British Pound, Euro, Japanese Yen, Canadian Dollar and Swedish Krona.
This level of dominance exhibited by the greenback has made Bitcoin, the precursor to crypto, a viable alternative.
This development, according to Wyckoff, has stabilized Bitcoin price as it attempts to hold the $19,000 level before making a big price move.
The predictions, however, are still a far cry from what the digital asset achieved in October of last year.
Objective: return to the $20,000 level
Bitcoin had a dismal September this year, only managing to peak around $20,000.
This month, crypto trading expert Michael Van de Poppe said the largest cryptocurrency by market capitalization could target a price of $19,600 provided it is able to sustain itself at the 19,300 level. $.
But the crypto community seems more optimistic, claiming that Bitcoin can close October 2022 with a value of $22,857.
The digital asset can achieve this goal if it manages to break out of the bear market and somehow start a bullish rally.
For now, Bitcoin is focused on reclaiming the $20,000 level as it has struggled to climb and stay there.
BTCUSD pair still working to reach $20K level, trading at $19,304 on the weekend chart | Source: TradingView.com Featured image from CNBC, Chart: TradingView.com