Bitcoin’s breakout rally in October has markets eagerly anticipating the cryptocurrency’s next moves.
Trading at $28,000 on crypto exchanges to start the month, Bitcoin price (BTC) is poised to finish October well above $34,000. That’s a cool 21% monthly return on investment at the Oct 1st price.
But where does the world’s leading cryptocurrency go next on the charts?
A recent analysis by popular cryptocurrency market analyst Michaël van de Poppe puts the BTC spot price in the $45K to $50,000 range sometime before the next halving.
If it’s to reach de Poppe’s predicted price level by April, Bitcoin will have to break through key resistance at $38,000, the technical analyst added in a post on Twitter.
I think we’ll see #Bitcoin hit resistance at $38K, but most likely we’ll continue towards $45-50K pre-halving.
After that, consolidation, sideways action for a long period before we’ll start making new ATH’s.
In the meantime? Probably altcoins starting to show strength. pic.twitter.com/PFnARDq6Fy
— Michaël van de Poppe (@CryptoMichNL) October 28, 2023
The fourth Bitcoin halving is the latest in a four-year event that cuts new supplies of Bitcoin in half.
It has so far followed a historical pattern of boosting the coin’s trading price on crypto exchanges because of the economics of supply and demand. The next one is expected sometime in April.
While past performance does not guarantee future results, the halving has historically been a major tailwind for Bitcoin.
Here’s another reason de Poppe sees bullish prospects for BTC. He pointed out in August— just weeks before Bitcoin winter thawed— that the bear market was the longest in cryptocurrency’s history.
Between now and April, De Poppe is bullish for altcoins. He points to recent strength in the altcoin markets.
The crypto analyst isn’t wrong, going by the charts. As far as stunning profits go, certain meme coins and DeFi currencies have returned the most out-sized gains during the “Uptober” cryptocurrency rally.
Euro Pacific Capital founder and chief strategist Peter Schiff said he expects the Bitcoin rally to fizzle out. Interestingly, he thinks Bitcoin will take a tumble after an SEC approval for an ETF product materializes.
Digital assets fund ExoAlpha’s chief investment officer, David Lifchitz, noted Monday that the CCI30 index is lagging Bitcoin. The index tracks the top 30 cryptocurrencies by market cap, excluding stablecoins. Lifchitz said a “catch-up rally” may occur in altcoins “while Bitcoin takes a breather.”
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