Price Analysis

Crypto Space Gearing Up for a Bullish Uptober as Bitcoin Makes Move Above $20,000

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price is rising high after being consolidated around $19000 for more than a fortnight

  • The bearish pattern is being challenge as the bulls appear to be poised to uplift the price beyond the pattern

After sustaining above $19,000 for a couple of weeks, the Bitcoin price is closer to achieving $20,000 levels any time now. The asset is attempting very hard to break above the bearish pattern, aiming to accomplish a bullish double-bottom pattern at the earliest. The BTC price is currently trading very close to $20,000 and is constantly trying to gain momentum in the lower time frames.

Presently, the BTC price is attempting very hard to break out of the consolidating zone, it has traded for a long time now. The asset tried to break above the crucial $19,600 multiple times but failed eventually. However, the price is finally showing some bullish signs, and a breakout at the current stage may shift things in the bull’s favour. 

The Bitcoin price, after experiencing extreme compression, is trying to break above the descending triangle after it reached the apex of the consolidation. Therefore, if the price sustains firmly above $19,600 until the day’s close, the upcoming trend may uplift the price beyond $22,400 in the coming days. 

Meanwhile, most of the on-chain analysis is in favour of the bulls. As the % of the supply is last active, open interest in perpetual futures contracts and the addresses holding 1+ BTC has just reached new highs in the past couple of months. Additionally, the addresses holding 10 or more BTC are also steadily increasing. 

Therefore, maintaining a similar trend and momentum, Bitcoin’s (BTC) price is also expected to reach the highs at around $30,000 before the end of 2022. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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