Bitcoin Price Prediction: BTC Tops $26,800

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Bitcoin (BTC) price is steadily climbing as part of a recovery rally that began on September 12. The king of crypto is up almost 8% since the northbound move commenced, setting a platform for BTC above the $26,800 level. At the time of writing, the price of Bitcoin is $26,929, recording a daily drop of 0.5% after it had breached the $27,000 psychological level.

The Relative Strength Index (RSI) outlook, a momentum indicator, suggests a slump could be underway as buying pressure wanes. However, the Moving Average Convergence Divergence (MACD) indicator hints at a bullish crossover, likely to trigger a move north. With fading momentum against a bullish crossover, a recovery rally at this time could be a bull trap in disguise.

Bitcoin Suffers As Ethereum Price Outperforms

Bitcoin price has missed the exchange-traded fund (ETF) hype, with all capital flowing into Ethereum. The United States Securities and Exchange Commission (SEC) has shown more inclination towards ETH futures ETF than the BTC spot alternative.

ETF specialists from Bloomberg Intelligence, Eric Balchunas and James Seyffart, have listed nine Ether futures ETF products likely to enjoy accelerated approval to launch by October 2.

Ether Futures ETFS — *Ether futures ETF to launch on October 2*

This list assumes that the named issuers or firms are all operationally ready to launch. It is also based on the assumption that no last-minute firms will enter between now and Monday. Notably, Hashdex ought to have been among the nine, save for the fact that its collaboration with Kelly has been invalidated.

context: https://t.co/FUKzADbBlV

— James Seyffart (@JSeyff) September 29, 2023

Nevertheless, the experts anticipate a combined asset under management (AUM) for all the nine ETH futures ETF products to range between 100 and 200 million. This hinges on the logic that BTC futures recorded $1 billion while ETH funds globally record 20% of the AUM of BTC funds. It is also safe to assume that the firms will be looking to tap their client list to get the maximum volume of flow possible and as early as reasonably possible.

I'm setting the over/under for total aum for all of them at end of week at $200m. Logic being that bitcoin futures did $1b and Eth funds globally have 20% the aum of bitcoin funds. Also, think issuers will tap their client list to get as much volume/flow as they can get early.

— Eric Balchunas (@EricBalchunas) September 29, 2023

Bitcoin Price Ramping Up To Trap Bulls At $28,000

There is speculation that a rally for Bitcoin could be a bull trap for longs, catching them off guard at around the $28,000 level. Early bulls should, therefore, trade cautiously. However, the odds favor the upside, and BTC could head north, overcoming the 50-day and 200-day Exponential Moving Averages (EMA) at $26,890 and $26,848 levels.

In a highly bullish case, the gains could send Bitcoin price past the 100-day EMA at $27,310 or, in highly ambitious cases, extend a neck higher into the psychological $28,000 level to tag $28,113. Such a move would constitute a 5% climb from the current levels.

Note that the histogram bars of the MACD remain green and positioned in the positive territory. This means bulls have the upper hand.

Conversely, should short-term traders give in to their profit appetite, Bitcoin price could correct quickly, potentially going as low as the $25,856 level, which marks the demand zone. In a highly bearish case, the slump could send BTC to the mean threshold of the order block at $25,394. A break and close below this level would invalidate the bullish outlook, possibly kickstarting a new downtrend.

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Bitcoin Alternative

BTCMTX is the native crypto for the Bitcoin Minetrix ecosystem, a new project that gives you a chance to become a BTC holder. It is a stake-to-mine project, where the credits you earn can be used for mining Bitcoin, thereby revolutionizing cloud mining.

Bitcoin Minetrix’s stake-to-mine mechanism runs on smart contracts based on the Ethereum network. This is value-adding, considering the security benefits of the ETH blockchain. Buy, stake, and burn your BTCMTX tokens to earn mining hash power.

The project is still in the presale stage, with over $226,000 already in the bank. This is not a mean feat, considering the project debuted only recently. In the current presale stage, one BTCMTX retails for only $0.011, with the value expected to increase in subsequent stages. Now is your chance.

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