Bitcoin Price Prediction for October 2021


Bitcoin is a currency with no central authority and it operates on peer-to-peer. Each Bitcoin transaction is electronic. 

Bitcoin Technical Analysis, The First Week

Bitcoin continued its fall this week, touching a Wednesday intraweek low of $40,804.0 before making up some ground and advancing once more towards the first significant support level at 39470 Dollars per coin.

Bitcoin ended the week at a Sunday high of $48,200 before easing back. The cryptocurrency broke through 38% FIB and first significant resistance level at 47 119 to end on Friday evening, with that figure its closing price for this intraweek period. Thus, finding some support against it during trading time. Four days in the green that included a 9.86% jump on Friday delivered the upside for the week.

The Coming Weeks

Bitcoin is in a tough spot right now. We can’t see any real upside with resistance levels at $51,357 and 23.6% FIB of 50k on the downside unless something changes with crypto prices, leading to much more positive results overall.

In the event of an extended breakout, Bitcoin could test resistance at $55K before any pullback. The second major resistance level sits around 54473 USD per coin. A fall through this pivot point would bring us back down to our first support, 42 965 dollars.

Bitcoin should avoid a significant drop in the sub-$40,000 levels and sustain close or above $37K. The 38% Fibb support level at 41k will limit any further declines as well.

Bitcoin left the major support and resistance levels untested early on.

Source: FXEmpire

BTC Price Prediction for October

Bitcoin may have another leg down as the price tests resistance at $43,000. This will happen if support ratios continue to be tested without tangible signs of reversals occurring higher.

Traders looking to take a more reactionary approach should consider taking shorts when the 42000.00 support level breaks. And then watches for lower depths may target values around 41000 – 40000 ratios.

Speculators should be aware that Bitcoin is highly volatile. With leverage, there’s a chance of being wiped out even if you use stop-loss protection. So, quick-hitting trades are encouraged as they can lead to reversal prices too.

As at the time of writing this, Bitcoin is currently trading near the 39000.00 mark. If the price falls below this level, then there could be another wave of selling that makes support near 38k seem possible. A critical psychological short-term threshold for Bitcoin (BTC) at the time being would come in around 40000 USD.

A figure that may signal bears has taken over with heavy volumes.
However, October is a beautiful Crypto month, and for Bitcoin, we predict a bullish pattern all through. The speculative price range for BTC/USD in October is 29000.00 to 55000.00.