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Bitcoin Price Prediction as BTC Blasts Past $20,000 – Time to Buy?

Arslan Butt
Last updated: | 2 min read

During the European session, Bitcoin remains bullish, having gained over 5% in the last 24 hours to trade at $20,475 per coin. In the last 24 hours, the total value of all cryptocurrencies has increased by $66 billion, or +7%, to $994.06 billion. As a result, the rest of the cryptocurrency market rose, with many coins seeing double-digit gains.

A slew of fundamentals are keeping Bitcoin bullish, can we expect BTC to rise further, and is now a good time to buy? Let’s find out.

An Uptrend in US Stock Market to Keep BTC Supported

Stock indexes in the United States rose, extending a market rally that had already pushed the Dow Jones Industrial Average to a six-week high. US Treasury rates fell as a result of dismal consumer confidence data and rising concerns about the cost of living, allowing US stocks to rise for the third day in a row. 

S&P500 Price Chart – Source: Tradingview

The Nasdaq Composite rose over 246 points, or 2.3%, to $11,199, while the S&P 500 rose over 60 points, or 1.6%, to $3,859. The Dow industrials gained over 335 points, or 1.1%, to $31,836. 

After a string of interest rate hikes to combat inflation, the markets are now welcoming the possibility of a Federal Reserve policy easing. The rise in stock prices is fueling the rise in cryptocurrency values it seems.

Bitcoin Price Prediction – Time to Buy?

The current Bitcoin price is $20,578, and the 24-hour trading volume is $65 billion. Bitcoin has increased by over 5% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $394 billion, up from $388 billion during the Asian session today.

Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin is trading sharply higher during the European session after breaking out of the symmetrical triangle pattern at $19,250. As predicted in the Bitcoin price prediction for October 26th, the BTC/USD pair has traded bullishly, breaking through immediate resistance levels of $19,600 and $19,900. 

Earlier today, Bitcoin violated the triple top resistance level of $20,430, and the closing of the “three white soldiers” candlestick pattern is suggesting chances of a further uptrend. The RSI and MACD remain in a buying zone, suggesting a bullish run. Similarly, the 50-day moving average suggests buying above $19,400. 

Hence, as a result of a triple-top pattern broken, the buying trend could be extended to $21,000 or $21,900. If the current move gains further momentum, BTC could reach $23,000 within a few days.

Bitcoin Price Chart – Source: Tradingview

On the downside, Bitcoin’s immediate support remains close to $20,400 or $20,000 (psychological level). 

Top Coin Alternative – Dash 2 Trade 

With over $2.5 million raised in less than a week, the Dash 2 Trade presale is on track to become one of the year’s biggest token sales. 

Dash 2 Trade is an Ethereum-based platform that aims to provide its users with a variety of real-time analytics and social trading signals. The total amount raised thus far represents a significant vote of confidence in the platform. 

Following the completion of its presale, the company intends to launch its platform in the first quarter of 2023, with its D2T token expected to be listed on various exchanges. If other presales held this year are anything to go by, then D2T has strong fundamentals to push it toward even further success.

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Cryptocurrency Price Tracker – Source: Cryptonews