- Bitcoin struggles to hold above $26,000, but experts foresee October as a promising month for gains.
- Historically, Bitcoin’s price tends to rise on Halloween, except in 2018 and 2022.
- CoinCodex’s algorithm predicts a 9.56% price increase, reaching $28,703 for Bitcoin by October 31, 2023.
Despite recent market turbulence and resistance at the critical $27,500 level, Bitcoin (BTC) enthusiasts and market analysts are hoping for a significant price surge by Halloween 2023. The cryptocurrency currently struggles to maintain its position above the $26,000 mark, a crucial support level amid prevailing bearish trends.
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Experts point to historical data and market patterns that have consistently favored October as a promising month for Bitcoin. One notable trend that has caught traders’ attention is the phenomenon known as ‘Uptober.’ Except for 2018 and 2022, Bitcoin has historically experienced price increases on each Halloween compared to the previous year. Machine learning algorithms and chart patterns have reinforced this trend.
CoinCodex, a cryptocurrency market tracking platform, has even developed a self-learning machine algorithm that predicts a 9.56% price increase for Bitcoin by Halloween 2023. According to their calculations, Bitcoin could reach an impressive $28,703 by October 31st.
Last year, ‘Uptober’ maintained its strength despite significant challenges in the cryptocurrency market, including the crash of one of the world’s largest crypto exchanges, FTX. Bitcoin closed the month above $21,000, a substantial gain from its position at the start of October.
As of the latest data on September 26th, Bitcoin is trading at $26,198. Despite regulatory uncertainties in the United States leading to investor concerns, there remains a strong possibility that Bitcoin will continue the tradition of ‘Uptober’ and potentially even surpass the predicted $30,000 price surge by Halloween 2023.
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