Bitcoin Price Prediction: BTC Surges 4% – Where Will the Momentum Lead?

Updated: 02 October 2023

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The Bitcoin price saw a sharp surge with the conclusion of the weekend and the start of the new week, allowing it to reach a two-month high.

On a weekly scale, the price has surged by 9%, with the daily chart showing only a 4% increase, suggesting that the past seven days have been quite bullish for the coin.

In truth, BTC price saw two intense price bursts in the last seven days, between which the coin mostly traded sideways. For example, BTC has fluctuated between $26k and $26.5k from September 25 to September 28.

Only one surge during this period took the coin close to $27,000, although the price corrected immediately after the bulls stopped pushing it up, returning to $26.2k.

However, things changed on September 28 as BTC managed to breach the resistance at $26,500 and surge up to a new resistance of $27.2k. This level stopped the price from progressing, even rejecting it to $26.75k on the next day, September 29.

Over the weekend, the fee was primarily flat, although a slow increase is visible between September 29 and October 2.

Bitcoin has been slowly growing over the weekend, and the coin shot up as soon as the new week started. At first, it reached $28k, which temporarily stopped its progression.

However, the price saw another bullish wave that pushed it up to $28,500. Since then, the coin saw a minor correction to $28,307, where it currently sits.

However, the traders are excited, as the coin’s volume skyrocketed by 137% in the last 24 hours alone.

It is worth noting that the coin’s price surged as soon as September — historically the worst month for crypto prices — came to a close.

With the start of the new week, month, and quarter, the market seems to be a lot more optimistic, especially since Q4 is historically when the prices have seen some of their most significant surges.

BTC saw its last ATH around November 11, 2021; its largest ATH of the previous cycle was in mid-December 2017.

That doesn’t mean that Q4 2023 will bring a new ATH, but it is enough to give hope to the traders, especially since the last two years have brought little more than struggles for the crypto market.

Apart from the end of September, some have also speculated that the coin saw a price surge after $100 million in short positions was liquidated last Friday. This suggests that a short squeeze in the futures market may have driven the newest price action.

US SEC Delays Bitcoin ETF Decision

On the negative side, Bitcoin is still waiting for the US SEC to decide on any of the Bitcoin spot ETFs filed by numerous financial giants over the past few months, and last week brought in reports of the SEC delaying the decisions and allowing the regulator to stall the market until May 2024.

Even then, there is no guarantee that the SEC will approve any of the applications, even though even the US Congress recently got involved, ordering the regulator to give the green light to the applications.

They noted that the SEC’s refusal to do so shows inconsistent and discriminatory behavior.

While the delay is within the regulator’s rights, it remains to be seen what will happen once the deadline for the decision runs out. The SEC is running out of excuses, and the pressure to approve the ETFs seems to be coming from all sides, leaving it without too many options.

Bitcoin Minetrix Lets Users Stake Tokens to Receive BTC Mining Rewards

This year has brought several new tokens dedicated to expanding the possibilities related to Bitcoin, and the latest example of that is Bitcoin Minetrix (BTCMTX).

This project seeks to become the new safe and secure Bitcoin cloud mining platform.

It allows users to stake its token, BTCMTX, and then the platform will mine Bitcoin and share the rewards with the stakers.

That way, those who wish to profit from Bitcoin mining do not have to do it themselves and purchase expensive equipment. They only need to buy BTCMTX, which is currently in the middle of a presale.

The token is selling for $0.011, and it has already raised over $323,000 to reach $3.08 million, after which it will see a slight price increase as it proceeds to its next milestone.

Anyone interested in obtaining the token can buy it via ETH, BNB, USDT, or with their credit/debit card.

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