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These 3 Crypto Traders Nailed Bitcoin Price Movement in October
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The Bitcoin (BTC) price movement was decisively bullish in October. The price reached a new yearly high of $35,200 on October 24.
These three crypto traders employed different means to give Bitcoin predictions for October, achieving considerable profits as a result.
Elliott Wave Count Predicts Completed Correction
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend. The method was used to predict the BTC price increase since October 11.
Cryptocurrency trader Bluntzcapital correctly predicted that the ongoing decrease was part of an A-B-C corrective structure. In this case, it is expected that the trend will be bullish, and what follows is a significant upward movement.
Decode tomorrow’s crypto prices today: Bitcoin (BTC) Price Prediction
The BTC price has increased rapidly since completing the A-B-C correction on October 11 (green icon).
In 12 days, the BTC price increased by 33%, leading to a new yearly high of $35,200. The price has fallen slightly since and is struggling with the $35,000 resistance area.
Cryptocurrency trader IncomeSharks stated:
#Bitcoin – Ugly charts make for amazing entries.
He used this logic to buy on October 11, the same day BluntzCapital used his Elliott Wave count to make a prediction. Therefore, both traders came to the same conclusion despite using vastly different methods.
Trading Range Predicts Bitcoin Price Movement
On October 6, cryptocurrency trader CryptoGodJohn tweeted a BTC roadmap that suggests the price will increase above $37,000. The main reason for this was that the midrange at $24,700 held.
The movement since the tweet has been nearly identical to that predicted. While it remains to be seen if the price will top $37,000, there is resistance at $36,000 and $40,000, respectively.
The first resistance is created by the 1.61 external Fib retracement of the previous drop, while a horizontal resistance area creates the second.
An increase to the first would be an upward movement of 4%, while a 15% increase is required for the BTC price to reach $40,000.
Despite this bullish Bitcoin price prediction, a rejection at $35,000 can cause a decrease of 10% and reach the closest support at $31,200.
For BeInCrypto’s latest crypto market analysis, click here
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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