Bitcoin (BTC) Price Prediction: Will BTC Soar to $40,000 Amid Rising Global Adoption, While a New Presale Coin Draws Attention?

ByAli Raza

Updated: 09 October 2023

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The Bitcoin price has spent the last week trying to return to the $28.3k mark seen in the early days of October. Unfortunately, it lost this position around October 3, when it hit the weekly low of $27,260.

What followed was a recovery to $28k, which Bitcoin reached on October 5 after breaching several strong resistances. However, even though it managed to climb up to $28,078, its price failed to remain above the $28k mark at that time. Instead, it dropped back down to a support at $27.4k on October 6.

Later that same day, BTC returned to $27.8k, only to crash back to $27.4k soon after. However, the coin bounced back up shortly after that, hitting $28.2k by late Friday.

Over the weekend, Bitcoin mostly traded sideways, which happened during the previous several weekends as well. The price fluctuated between $27.9k and $28k for the most part.

On Sunday, the fluctuations got slightly deeper, seeing BTC go from $27.8k to $28k, but both the support and the resistance managed to hold on and prevent the coin from going either above or beyond these limits.

However, things changed early Monday, as the coin’s price suddenly broke the support at $27.8k several hours ago, dropping it to $27,550. The coin saw a slight recovery to $27,564 when writing, but it is still tracing 1.2% lower than 24 hours ago.

BTC is down by 2.6% on the week, but its daily trading volume is currently up 31%.

Bitcoin Predictions: Where is BTC Going from Here?

Over the last several days, there have been many new major predictions as experts expressed both bullish and bearish sentiment.

Analyst Jason Pizzino, for example, said in a recent video that BTC will see a solid upward surge if it climbs above the $28.4k mark and secures this position. He views $28.4k as the critical level that will significantly change the coin. He also considered what would happen if BTC failed to climb above the required level:

I think if we break it down to roughly $27,200… that could send things a little bit south for longer.

A more pessimistic prediction regarding the coin and its price came from Nicholas Merten, who predicted a possible 46% drop in Bitcoin’s price, which might come amid US recession fears.

Merten, who created a popular crypto-related YouTube channel, DataDash, said that the potential failure of the coin’s price could result from the US Fed’s hawkish stance.

He noted that a short-term recession could be expected if commodities like oil, natural gas, and uranium begin to stabilize or lose value.

Equities might experience a downturn similar to the 33% correction from October 2022 if this happens. Bitcoin would be next, according to Merten, who believes the coin could drop to a range between $15k and $17k

Bitcoin is the Logical Next Step on the Tech Tree, Says Sam Altman

Sam Altman, the CEO of OpenAI — a company that developed ChatGPT — also recently shared his views on Bitcoin. He did not offer his opinions on the coin’s price, but he does believe that Bitcoin is a “super logical” step on the tech tree.

Altman expressed his thoughts on the matter during an episode of a popular podcast series called The Joe Rogan Experience. However, while he seems to support Bitcoin, Altman also noted that he is “super against” CBDCs.

Bitcoin Minetrix Presale Closing in on $1 Million Raised

As experts debate how far BTC might go under the right circumstances, opportunity seekers who want to play things safe have started buying a new token called Bitcoin Minetrix (BTCMTX).

The project created a presale about a week ago, and it had already raised over $815k as of the time of writing.

The project, which offers BTCMTX for a price of $0.011, seeks to provide buyers with the ability to mine Bitcoin independently without buying expensive equipment.

Bitcoin Minetrix is a cloud mining platform, but unlike other such platforms, it is fully decentralized, transparent, safe, and secure. The project understands that many have lost their money to bad or fake cloud mining initiatives, so it seeks to return the users’ faith in this approach to mining Bitcoin.

Not only will it allow regular people to mine the coin simply by purchasing and staking BTCMTX tokens, but it will allow them to remain in control of their cryptos the entire time.

Anyone interested in using the project for mining BTC can obtain BTCMTX in exchange for ETH, USDT, or BNB. Alternatively, you can buy them with fiat simply by using your credit/debit card.

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