Bitcoin (BTC) Price Prediction: Will BTC Hold Its Reign Amid New Challengers?

Updated: 03 October 2023

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The Bitcoin price corrected itself after reaching a two-month high of $28,500 yesterday, October 2. While the coin started the day, the week, and the month with a bang, the price has since dropped to a support at $27,500.

The coin started seeing a price increase in the final days of September as the hype for the end of the month — historically, the worst month for crypto prices — approached. BTC used to sit at around $26.27k then, and on September 27, it started to climb.

Less than 24 hours later, the coin skyrocketed to $27.2k, and while it started seeing more substantial volatility on Friday, the price eventually stabilized as the weekend began. Over the weekend — September 30 and October 1, BTC price saw a slow but steady increase that took it from $26.8k back to $27.2k, but it did not have the strength to breach this resistance.

The price skyrocketed again on early October 2, just as Monday started, allowing the coin to breach the previous resistance level and surge to $28k.

While initially it seemed like the resistance would prevent it from moving forward, the currency managed to break it later in the day, reaching nearly $28.5k at its peak.

However, the situation changed after Bitcoin hit this resistance, as it suddenly rejected its price. The coin started spiraling down, and while it encountered multiple supports along the way, many of them broke before it found its footing again.

The first one was at $28.4k, which managed to hold the coin for a while but eventually went past it. The following support was at $28k, which saw similar success in briefly stopping its free fall, only to break finally.

Bitcoin repeated this process at $27.8k and eventually found its bottom at $27.4k. This level reached early on October 3, allowed BTC to recover slightly, and ever since then, the coin’s price has been trying to breach the resistance at $27.6k.

At the time of writing, BTC price sits at $27.56k, currently 2.6% lower than 24 hours ago. Despite the low price, however, BTC volume is still 10% higher than yesterday.

Many have called October’s opening move the fakeout, as the price overpromised, only to then correct to the mid-$27k range. However, it is worth noting that the coin is still over $1,000 higher than it was a week ago, so the market is generally still considered bullish.

Where will Bitcoin go from here?

Traders argue that the slow grind back up would be the best scenario and that the spike seen on early Monday couldn’t have ended in any other way but a correction.

potential lower high being put in today on #btc today.

i don't think the "bottom" is in yet because structure just doesn't look right yet for me, i think the 24.8k lows need to be convincingly taken out first and the last 39 days of price action potentially part of a larger… pic.twitter.com/J2XN7DTRlG

— Bluntz (@Bluntz_Capital) September 21, 2023

A trader who nailed the 2018 BTC bottom, calling himself Bluntz on X, told his followers that the recent rally has invalidated his bearish view that BTC would go below $24k before reversing the downtrend.

btc breaking higher invalidating this triangle structure, i think its time to get rid of any bera bias pic.twitter.com/4b3fa0NyUD

— Bluntz (@Bluntz_Capital) October 1, 2023

On the other hand, Bloomberg’s Mike McGlone said a crypto crisis is imminent despite the recent surge.

Positive Beta vs. Negative Liquidity – Cryptos Face Recession: #Crypto weakness in 3Q may be a recovery blip or a #recession leaning. Our bias is the latter, as almost all risk assets gained in 2023 and rolled over into the quarter. Most central banks are still tightening despite… pic.twitter.com/MaaZxhJdWL

— Mike McGlone (@mikemcglone11) October 2, 2023

Bitcoin Minetrix inching closer to half a million raised

While Bitcoin may be struggling to stay high, Bitcoin Minetrix (BTCMTX) is starting to attract more and more buyers.

This new project seeks to offer Bitcoin fans the opportunity to stake its native token, BTCMTX.

The project stresses that it is a tokenized decentralized cloud mining platform that allows everyday people to mine BTC securely and transparently, eliminating the risk of third-party cloud mining, which has become known for scams.

All the control is in the hands of token holders, and all they need to do is stake BTCMT to earn credits, which they can then use to mine BTC.

This represents a way for Bitcoin fans to get the mining rewards without having to buy and own mining gear themselves, which costs thousands of dollars.

The token is currently available as its presale offers it for $0.011 per unit. So far, it has raised over $375.7k, and it can be obtained in exchange for ETH, BNB, USDT, or bought via credit or debit card.

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