Bitcoin Price Prediction As BTC Inflows Threaten “Uptober” Gains, Bearish Signal?

06.10.2023

Bitcoin price is barely holding in the green, increasing by 0.6% over the last 24 hours to trade at $27,227 on Friday. This week’s correction from highs above $28,000 has sparked discussions regarding the bottom level ahead of the bull run.

Some analysts like Rekt Capital say that if $31,000 was the peak in 2023, it would take Bitcoin price months before seeing this level again.

However, he encourages investors to keep booking their positions prior to the halving in 2024, noting that this might be the only time to buy BTC within the $20,000 range because the price will be much higher after miner rewards have been halved.

#BTC

If ~$31000 was the Top for 2023…

Then the next time we see these prices will be months from now, just after the Halving (red box)

Only difference between now and then?

In this Pre-Halving period, $BTC could still retrace from here

But after the Halving, BTC would… pic.twitter.com/eZdWwuWtug

— Rekt Capital (@rektcapital) October 5, 2023

Can Bitcoin Price Breakout To $30,000?

Bitcoin bulls are doing all they can to prevent declines from extending below $27,000. As long as this support is secured, investors would be encouraged to keep their positions open without worrying about potential dips to $26,500 and $25,000 support areas.

The 100-day Exponential Moving Average (EMA) reveals that buyers have the upper hand, serving as the immediate support at $27,346. On the upside, bulls are facing bears in a heated tug-of-war to break resistance at $28,000, coinciding with a falling trendline.

Bitcoin has been rejected from this trend several times since July, implying that until it is broken, the chances of returning to $30,000 would be minimal.

BTC/USD daily chart | Tradingview

The Relative Strength Index (RSI) dons a bullish outlook as it ascends within the neutral 0.000 area toward the overbought region. A bullish divergence relative to BTC price reinforces the presence of bulls on the market.

Another incoming buy signal is the golden cross. This pattern occurs when a short-term moving average crosses above a long-term moving average. In Bitcoin’s case, the 50-day EMA is on the verge of flipping above the 200-day EMA to affirm the uptrend.

14,924 BTC Flow Into Kraken Exchange

A record 14,924 BTC have been deposited into Kraken exchange, according to the on-chain analytics platform, CryptoQuant. An analyst at the firm said that this influx of Bitcoin “deserves special attention as it is the largest recorded on Kraken since 2018.”

Investors send crypto to exchanges intending to sell at the earliest convenience or when in profit. Hence, such a massive inflow implies that selling pressure could be imminent.

Historic Inflow of 14,924 $BTC into Kraken: A Signal for Investors?

“The influx of 14,924 #Bitcoin deserves special attention as it is the largest recorded on Kraken since 2018.”
by @joao_wedson

Link👇https://t.co/2uPXsa2lUl pic.twitter.com/SqLsXHCR2S

— CryptoQuant.com (@cryptoquant_com) October 4, 2023

For now, investors may want to check a few boxes as they endure the bear market. For example, reclaiming support above $28,000 could propel Bitcoin price closer to $30,000. On the downside, losing support at $27,000 could hamper the uptrend and trigger a sell-off to $25,000.