Bitcoin is Trading -16.89% Below Our Price Prediction for Oct 15, 2024

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

• Bitcoin is down -3.92% today against the US Dollar
• Bitcoin is currently trading 16.89% below our prediction on Oct 15, 2024
• Bitcoin gained 4.65% in the last month and is up 122.31% since 1 year ago

BTC price is expected to rise by 18.62% in the next 5 days according to our Bitcoin price prediction

Bitcoin price today is trading at $ 59,394 after losing -3.92% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -3.99% in the same time period.

According to our Bitcoin price prediction, BTC is expected to reach a price of $ 71,466 by Oct 15, 2024. This would represent a 18.62% price increase for BTC in the next 5 days.

BTC Price Prediction Chart

Buy/Sell Bitcoin

What has been going on with Bitcoin in the last 30 days

Bitcoin has been displaying a positive trend recently, as the coin gained 4.65% in the last 30-days. The medium-term trend for Bitcoin has been bullish, with BTC increasing by 2.17% in the last 3 months. The long-term picture for Bitcoin has been positive, as BTC is currently displaying a 122.31% 1-year price change. On this day last year, BTC was trading at $ 26,717.

Bitcoin reached its all-time high price on Mar 14, 2024, when the price of BTC peaked at $ 73,628. The current BTC cycle high is $ 66,381, while the cycle low is at $ 49,436. BTC has been displaying low volatility recently – the 1-month volatility of the coin is at 3.90. Bitcoin recorded 16 green days in the last 30 days.

Bitcoin technical analysis for today – Oct 10, 2024

The sentiment in the Bitcoin markets is currently Bearish, and the Fear & Greed index is reading Fear. The most important support levels to watch are $ 59,882, $ 59,116 and $ 57,791, while $ 61,972, $ 63,297 and $ 64,063 are the key resistance levels.

Bearish sentiment for Bitcoin

8 indicators are currently signaling a bullish prediction for Bitcoin, while 23 indicators are showing a bearish forecast. With 74% of indicators favoring a negative prediction. This results in an overall Bearish sentiment for Bitcoin.

Crypto market is currently experiencing Fear

Currently, the Fear & Greed index is at 39 (Fear), which signals that investors have a negative outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Bitcoin moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Bitcoin is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Bitcoin is at 45.49, suggesting that BTC is currently neutral.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Bitcoin over the last 50 days. Currently, Bitcoin is trading above the SMA 50 trendline, which is a bullish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the BTC closing price for the last 200 days. BTC is now trading above the SMA 200, signaling that the market is currently bullish.

The bottom line about this Bitcoin prediction

After considering the above factors, we can conclude that the current forecast for Bitcoin price prediction is Bearish. BTC would have to increase by 18.62% to hit our $ 71,466 target within the next five days. Moving forward, it will be important to monitor the BTC market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Bitcoin price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

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