Bitcoin Price Prediction: BTC Next 24 Hours Forecast Amid Market Pullbacks

Bitcoin ( BTC) hit an all-time high of $126K on Monday, but declined thereafter. The dips are largely stemming from evolving macroeconomic conditions and the mixed technical signals. The profit-taking near the resistance level further added fuel to the fire. Yet, the market remains cautiously optimistic about the world’s largest cryptocurrency, as institutional interest remains intact and historic data backs a stronger BTC in October. Yet, the crypto market participants are recommended to remain cautious and keep a close watch on broader economic trends and key crypto market indicators. 

How is BTC Faring Today?

At the time of writing this article, BTC is trading at $121,411.81. The BTC reached an all-time high of $126K on Monday, but failed to continue the rally in the days that followed. The price went down to the 121K-122K level. The price had fluctuated between $ 119,800 and $ 123,630 in the past 24 hours. 

The pullbacks experienced by BTC are attributed to profit-taking near resistance. Yet, the institutional demand remains intact; the BTC Exchange Traded Funds saw an inflow of $197.8 million yesterday. Despite the overall crypto market experiencing a downward trend, the technical indicators suggest that the market continues to remain bullish about BTC. 

The flagship token is trading above its 200-day Simple Moving Average (SMA), and the Fear and Greed Index stands at 60. In spite of being in the ‘greed status’, the market optimism is showing signs of weakness as the index value went down from yesterday’s 70. However, the 14-day Relative Strength Index (RSI) of 59.48 shows persisting bullish sentiments. The crypto experts are not ruling out a surge in prices in the upcoming weeks as the fundamentals of the world’s most sought-after digital currency remain solid. 

Bitcoin Next 24 Hours Price Prediction

According to the crypto experts, if BTC can hold the 120K level and experience an uptrend, it is forecasted to maintain 122K in the next 24 hours. If the rally continues, crypto experts are not excluding the possibility of touching $126K in the upcoming days. Nevertheless, if it fails to hold 120K, a further slide to $115K is forecasted. The historical data support a stronger BTC in October, popularly dubbed as ‘Uptober’, but amid the growing macroeconomic uncertainties, market optimism is weakening. 

Factors Affecting the Price of BTC

The BTC’s earlier rise, breaking records, is largely due to the perception of the world’s largest currency as a safe-haven asset to hedge against inflation amid the macroeconomic uncertainties. The Uptober sentiment and anticipated Fed rate cuts further reinforced the demand. 

But, currently, the crypto analysts are more or less ruling out Fed rate cuts amidst the expectations of increasing inflation, making the dollar stronger. The investors, both retail and institutional, will stay away from the riskier crypto market as the higher interest rates will keep the risk appetite in check. To what extent this would impact the BTC, which has comparatively stronger institutional support, is yet to be seen. 

Another key factor leading to pullbacks is the profit-taking when the price hits a resistance, which happened near $125K for BTC. Despite the dips, the institutional inflows to the Exchange Traded Fund remain strong, and the record flow continued in the past 9 days. The October 9 alone saw a $198 million net inflow. Recently, BlackRock’s spot Bitcoin Exchange Traded Fund crossed 800,000 BTC. Unlike the other currencies, BTC is perceived to have higher store value, further reinforcing its significance in investment portfolios. According to the crypto analysts, BTC touching $126K earlier this week already demonstrates a shift in the global economic system. According to them, the ‘digital gold’ is too big to fail. Moreover, more corporates are adding digital currencies to their treasury.

The Final Thoughts

The BTC has a fixed supply of 21 million, and this further enhances its value. Overall,  long-term prospects for the BTC remain solid, yet some healthy pauses are expected. The crypto analysts recommend tracking the key crypto market indicators meticulously. Furthermore, the crypto market can boom or bust depending on how the broader economy is faring, hence keep an eye out for crucial data releases such as the inflation rate. Additionally, social media narratives can also send ripples in the crypto market as it remains highly fragile; thus, the crypto market participants are recommended to keep a tab on them as well.