Bitcoin Price Prediction: Will BTC Sustain Its Bullish Momentum In The Coming Weeks?

Updated: 04 October 2023

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The Bitcoin price dipped toward $27.2k in the past 24 hours, only to recover to $27.5k and find that the level has become a resistance.

The new move comes after a week of growth up to October 2, resulting in an overall price increase of 8%. But since then it’s fallen 4%, making its current price around 5% higher than one week ago.

According to TradingView data, the BTC price sat at around $26.24k on September 27, which is when it started to increase. What later became a bull run started simply as a steady but unimpressive price growth.

Only 24 hours later, however, BTC reached the value of $26.47k, surging by $800 within a few hours, hitting $27.2k before the day ended. Then, last Friday, the coin started to see fluctuations as it struggled to breach the resistance at $27,200. After trying to breach the level for most of September 29, the coin was rejected for $26.8k.

With the start of the weekend, BTC stopped fluctuating as strongly, but instead, it started a slow and steady increase that took it back to $27.2k by mid-Sunday, October 1. The start of the new week brought actual price change, as the coin skyrocketed to $28k and then to $28,400 later this Monday, October 2.

As usually happens after a sharp surge, the price saw a strong correction that took it back down to $27.5k come Tuesday morning. The coin spent most of Tuesday trying to breach a resistance it encountered at $27,600, eventually being rejected again and sinking back to $27.3k.

Finally, with the start of Wednesday, October 4, BTC price again started to rise, leading it to $27,550. At the time of writing, the coin is attempting to move beyond $27,550, currently sitting at $27,545.

The coin has managed to recover enough to compensate for the losses seen in the last 24 hours, but the question is whether it will move past the resistance at $27.55k and go back to the levels seen at the start of the week.

Is Satoshi Nakamoto back?

While it sounds doubtful, speculation of Satoshi Nakamoto returning has skyrocketed recently after an X (formerly Twitter) account that was dormant since 2018 started seeing activity again.

The account in question, @satoshi, is not the real Satoshi Nakamoto himself, but some seem to believe that the report is trying to make itself look like Satoshi. Its owner even obtained the blue checkmark, signifying “verified account,” which calls into question the value of the checkmark.

Upon reactivation, the account posted

Bitcoin is a predicate machine. Over the following months, we shall explore aspects not explicitly contained within the white paper. These aspects are all parts of Bitcoin and are important. Some of these ideas were touched upon in the early years; now is the time to extrapolate and explain.

https://twitter.com/satoshi/status/1708886029636137256

It is unknown whether the reactivation of the account was intended to serve as a way of manipulating the Bitcoin price, but for now, the crypto community is keeping a close eye on it — as well as Bitcoin’s price.

Bitcoin dominance in the US is on the rise

Another exciting development recently came in the form of data from Kaiko, which suggested that Bitcoin’s dominance in the US surged back up after the coin moved away from the support at $26k.

The coin’s dominance on US exchanges reached 71% last month, making it the highest since October 2022. Many have taken this as a hint that institutional interest is surging, as the dominance is rising while activity on the Bitcoin network has declined.

At the same time, the coin’s network difficulty has reached a new high of 57.32 trillion, as measured on October 3, at block height 810,432. Reports say that on this date, the coin experienced its second consecutive difficulty increase since September 19. In other words, the number of miners joining the Bitcoin network is on the rise, likely in expectation of next year’s halving, currently expected to happen on April 25, 2024.

Bitcoin Minetrix presale about to hit $500k raised

As speculation surrounding BTC increases, another project that carries Bitcoin’s name is attracting a lot of attention. Bitcoin Minetrix (BTCMTX) is a decentralized tokenized cloud mining platform currently in the middle of a presale, seeking to allow users to mine Bitcoin by staking its native token, BTCMTX.

The project claims to ensure a secure, transparent, fully decentralized mining experience for those interested in owning BTC.

Once it goes live, it will allow token holders to stake their BTCMTX and receive credits that they will then use to obtain BTC mining rewards.

So far, many in the crypto industry are intrigued by the concept, as the project raised over $450k in only a few days while selling its tokens for $0.011.

Those interested in buying BTCMTX can obtain it in exchange for ETH, BNB, and USDT. Alternatively, you can purchase it with your credit or debit card.

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