December 9, 2022

Analysts predict BTC price to rise to $23,000 in October

Analysts predict BTC price to rise to $23,000 in October

On September 30, the price of bitcoin briefly rose to $20,100, but on October 1 it dropped to $19,200. Relative BTC's stability is partly supported by the fact that this asset acts as a favorable hedging tool at a time when the US dollar is crowding out other global fiat currencies.

Kitco News analyst Jim Wyckoff suggested that falling Bitcoin volatility could indicate that “strong price movement is expected on the horizon” after a long sideways trade.

Regarding the outlook for the asset, Wyckoff stated,that if the price breaks the September high around $20,000, the bulls will activate. If the asset crosses the lows of September next month, the bears will dominate.

It is believed that October is favorable for the asset, andthis can be a key psychological boost for most investors. They are likely looking to capitalize on the bull season, but will remain dependent on prevailing macroeconomic factors.

And while bitcoin is showing signspotential rally, macroeconomic factors paint a grim picture. It is worth noting that the original concept of BTC was meant to survive in an environment characterized by rising interest rates and a slowing economy.

In this context, the trading volume of BTC and other global fiat currencies records a surge as investors abandon the British pound and euro in favor of bitcoin.

In addition, the cryptocurrency community makesa bet that bitcoin will break the $20,000 level as the cryptocurrency continues to try to break out of the bear market. The crypto community on CoinMarketCap predicts that Bitcoin will trade at $22,857 by the end of October.

Under these conditions, Bitcoin is closely correlated with the stock market, although there are signs of decoupling. At the end of September, the correlation between bitcoin, ether (ETH) and the S&P 500 decreased by -2.4%.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

The reliability of the site is primarily determined bytrading volume and number of users. By all key metrics, the largest crypto exchange in the world is Binance. The platform supports transfers in rubles from bank cards Visa / MasterCard and payment systems Advcash, payer, QIWI.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance https://binance.com 9.7
2 Bybit https://bybit.com 8.5
3 Huobi https://huobi.com 8.4
4 Bitget https://bitget.com 7.8
5 AAX https://aax.com 6.9

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Additional features and services - futures, options, staking, NFT marketplace.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Analysts predict BTC price to rise to $23,000 in October