Bitcoin Price Prediction: BTC Price Break $27K; Is it Reliable?

• 1 Bitcoin price prediction for October is bullish and suggests a rise.
• 2 BTC price made a breakout of the $27000 hurdle and sustained the higher levels.
• 3 Bitcoin cryptocurrency is preparing for the rally.

Bitcoin price prediction for October and for the next few months stays bullish. BTC price formed a strong base near $26000 and showed signs of a bullish trend reversal. Bitcoin price has consolidated for quite a long time in the narrow range. It indicates that buyers are active near the demand zone and downside risk is low.

BTC price managed to climb above the 50-day and 200-day EMA; denoting that buyers are returning back on track. Meanwhile, it also showed a breakout of the $27000 hurdle with a strong buying volume which further boosted the confidence of long-term investors.

The recent breakout in Bitcoin cryptocurrency looks reliable and more upward momentum is possible. Previously, the sellers in BTC tried multiple times to pull the price below $25000 but failed.

Luckily, due to the strong presence of buyers, the price did not decline further and remained in the range.

Slow and steady, the BTC price began to recover and succeeded in breaking the higher range of consolidation. If the price continues the momentum, then it may positively impact the crypto market sentiment. Due to this, new investors may participate in the upcoming rally.

Will Bitcoin Price Rally in October?

BTC/USDT daily chart by TradingView

Bitcoin price prediction suggests buyers are getting active and more upside in BTC crypto is possible in the coming months.

Till BTC’s price sustains above $26000, it is expected to remain bullish. Any short-term retracement toward the support will provide an opportunity for the buyers to accumulate.

Moreover, the next phase of the rally in BTC crypto will be triggered when buyers are able to break the $30000 hurdle.

If in the coming months, BTC performs well then it will increase the probability of a $30K breakout. The analysis suggests that Bitcoin crypto is in a bulls’ grip and may show a rally in October.

BTC Price Showed Strength After Five Weeks

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BTC price rose 6.64% in the previous week and formed a bullish candle. After consolidating for five weeks, BTC showed some strength in the weekly chart. The price structure seems to be turning bullish on a multiple timeframe which might fuel the rally.

The MACD curve generated a positive crossover and is sloping upward indicating bullish momentum might continue for some time. The RSI at 60 denotes the strength of the bulls and the supertrend generated a fresh “buy” signal.

Conclusion

Bitcoin price prediction stays bullish for October. The recent breakout in BTC price looks reliable and sustainable. The technical analysis suggests that Bitcoin crypto price is bullish and getting ready for a massive rally.

Technical Levels

• Resistance levels: $28,500 and $29,000
• Support levels: $26,900 and $26,000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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