Bitcoin

Bitcoin Might Have Bullish October – Here’s How High BTC Price Can Rally in Coming Month

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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In the early hours today, the crypto market started the day with a mixed signal where the first two cryptocurrencies, Bitcoin and Ethereum along with a few others are trading in a red zone. Whereas BNB, XRP, Cardano, Solana, and others are on a positive run.

However, currently, the market has turned green as Bitcoin is selling at $19,478 after a surge of 0.13% over the last 24hrs. The King currency is just a few figures away from claiming $19,500 and if that happens the next immediate resistance lies at the $20,000 area.

One of the most popular crypto analysts and traders is expecting Bitcoin to have its bullish ride for the next month.

The analyst known as justin bennett believes that for Bitcoin to get back its lost bull run, it should maintain its trading area above $18,700. 

The analyst claims that if the flagship currency holds above $18,700, it can maintain the bullish trend at least till next halloween, October 31.

Bearish DXY To Push Crypto Market

Next, Bennett talks about the US Dollar Index (DXY) which is used to know the strength of the US dollar against any assets like digital currencies. Whenever the DXY is plunging it’s a good sign for Crypto.

As per the strategist, the US Dollar Index (DXY) has dropped from its 10-month level. Hence he asserts for a bullish momentum for both stocks and crypto

Before the analyst winds up Bennett gives out his analysis on the total crypto market cap (TOTAL) where he gives out a chart and claims it as an important one. TOTAL is the one that gives out the total strength of the overall crypto market.

He further says that the area between $913 billion and $920 billion is the resistance that needs to be claimed and an everyday rally towards the area will reclaim the bull run for October.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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