Bitcoin Price Prediction: Can BTC Reach $30,000 Amid Market Volatility while a New Presale Token Gains Traction?

Updated: 10 October 2023

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The Bitcoin price returned to the level above $27.5k after a recent dip, but it remains unclear whether it can continue to climb right now.

The coin has seen multiple price surges and drops over the past week. Since the start of October, BTC price has become much more active than during the summer months when it would spend weeks moving sideways.

In the last seven days alone, BTC has mostly been trying to reach the $28k mark and has managed to do it thrice. However, after venturing beyond the mark, its price would correct, often to a support level of $27.4k.

This support managed to hold the coin from crashing on October 4 and 5, after which BTC surged to $28k and slightly beyond it to $28,081.

It was then rejected again to $27.4k in late October 5, but it quickly attempted to hit the $28k mark late on October 6. This time, the coin succeeded more, reaching up to $28,141 before being rejected. However, even after rejection, it remained close by, only going down to $27.9k.

Bitcoin then spent the next several days, until mid-October nine, trying unsuccessfully to breach the $28k mark.

BTC’s final attempt to go above $28,000 came yesterday, October 9, after which its price was rejected to $27.4k for the third time in the past seven days. Once again, BTC’s price did not linger near the support; instead, it quickly recovered to $27.6k.

It briefly encountered issues breaching this level, which became a small resistance for the weakened BTC, but after a few hours, the coin managed to breach the group and climb up to $27,672.

This is where it sits at the time of writing, with its price only 0.2% higher than seven days ago. On a daily chart, however, BTC is down by 0.3%, meaning it still has some ways to go until full recovery from the recent drop.

However, with its daily volume being 50% higher than yesterday, it is undeniable that the coin is seeing increased activity due to all the recent volatility.

Bitcoin Whale Moves Again After Being Dormant for Six Years

One noteworthy event that could impact the coin’s short-term price action is the sudden return of a Bitcoin whale that has been dormant for over six years.

Upon returning, the whale transferred his entire Bitcoin stash of 2,995 coins, or around $82.3 million. The funds were split into two different addresses.

Initially, the whale repurchased the coins in May 2016, long before Bitcoin even saw the price surge that took it to $20k for the first time. Each BTC was valued at $459 per coin at purchase.

Dormant Bitcoin whales return occasionally, so this event is not a particular sign that something is about to happen. However, many traders monitor whale activity and may consider the whales’ actions when trading strategies, so the event is still noteworthy.

Fidelity Calls BTC Most Secure and Decentralized Crypto

At this time, when fiat currencies are failing, the number of people who are considering cryptocurrencies is seeing a rapid rise.

To encourage this new wave of adoption, Fidelity commented on Bitcoin recently, calling it the most secure, decentralized, and sound digital money compared to any other asset.

Fidelity explained that BTC is fundamentally different from any other crypto, as no other digital asset is likely to improve upon Bitcoin as a monetary good since BTC is the most secure, decentralized, and sound. Any improvements to its design will potentially face trade-offs, the company concluded.

Bitcoin Minetrix Price to Increase in 6 Days

Bitcoin Minetrix (BTCMTX) is the newest hot token to launch a presale and offer its native cryptocurrency, BTCMTX, to the public. So far, the project has already raised over $880k, selling the token for $0.011.

Right now, its website shows a countdown that says that the token’s price is about to increase in 6 days, meaning that buyers have a short window of opportunity to purchase the token at a lower price.

The token has a specific use case, allowing users to stake it and obtain credits in return. These credits will then let them mine Bitcoin and collect mining rewards.

Bitcoin Minetrix is essentially a decentralized, safe cloud mining platform. Unlike other cloud miners, there is no room for a scam or tricks, as it is decentralized and transparent.

Anyone interested in buying BTCMTX can do it on the project’s website in exchange for ETH, USDT, or BNB. Alternatively, the tokens can be purchased with fiat via the user’s credit/debit card.

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