Bitcoin Price Prediction: Can BTC hold $120K and Continue Its Rally?
Key Points
- The BTC is currently having a bullish run, with the price hitting above $120K.
- The rally is driven by increased institutional activity and macroeconomic conditions.
- Some crypto experts are optimistic about continuing the rally and reaching new all-time highs, while others advise caution.
As of October 4, Bitcoin ( BTC) is trading around $122,483.61, and the market cap has surged $2.44 trillion. The rally is backed by institutional support and positive technical signals. Whether the world’s largest crypto coin can sustain a rally depends on the evolving macroeconomic landscape.
Current Market Scenario: BTC is Rallying
As of October 4, Bitcoin ( BTC) is trading around $122,483.61. The price has increased by 2.43% in the past 24 hours. The market cap has surged $2.44 trillion.
The 24-hour trade volume is $80.43 billion, 16.34% up within a day’s framework. The BTC was priced between $ 119,975 and $ 123,762 in the past 24 hours. The leading cryptocurrency is trading above its 200-day Simple Moving Average (SMA) of $ 104,714 and 50-day SMA of $ 113,680. The BTC had 16 green days in the past 30 days. The Fear & Greed Index stands at 71, suggesting investor confidence. The 14-day Relative Strength Index (RSI) is 67.57, showing a strong upward momentum.
The BTC is remaining resilient despite the U.S. government shutdown. The BTC seems to be gaining ground as a safer investment to hedge against economic uncertainties. The heightened institutional activities are driving the bullish run. The Bitcoin ETFs of dominant asset managers like BlackRock and Fidelity saw inflows worth $627 million on October 3. Furthermore, the leading digital asset companies, such as Strategy and MARA, have added more BTC to their reserves. The current upward momentum is riding on strong Uptober sentiments.
Bitcoin Price Prediction: Can BTC hold $120K and Continue Its Rally?
The BTC is rallying amidst the US government shutdown. Crypto experts are optimistic about the bullish run. The crypto market expert, Michael van de Poppe, noted that if the trend continues, BTC may hit $150,000 this quarter, and he is not ruling out a new all-time high within the month. According to crypto analysts, if BTC continues to hold, new record highs are expected. If there is a break above $120,000, the price may hover around $125K and $130K. Any rejection would lead to $115 to $116K range. More conservative predictions project the price to reach,$ 123,216 in October.
Nevertheless, whether BTC can continue its rally depends on a multitude of factors. Currency, the US government shutdown seems to be having a minimal impact on BTC, but a sustained shutdown may be counterproductive. The delays in economic data releases would increase market volatility. But, if the institutional activities continue in the same direction and the interest rates remain low, the BTC will continue the bullish run. The legacy data shows that BTC becomes stronger in October. The past 5 years of data show a gain for BTC in October. Additionally, the flagship token had 10 green years in the past 12 years.
| No. | Time | Price Fluctuations in October |
|---|---|---|
| 1 | 2024 | 10.76% |
| 2 | 2023 | 28.52% |
| 3 | 2022 | 5.56% |
| 4 | 2021 | 39.93% |
| 5 | 2020 | 27.70% |
Furthermore, the limited supply and mainstream adoption are boosting investor confidence in BTC. Yet, some experts advise a cautious approach; according to them, the current value may be driven by speculative enthusiasm rather than strong fundamentals.
The Bottom Line
According to experts, it’s highly likely that BTC would continue its upward momentum. The foundations of BTC are strong with institutional support. Amidst the optimism, some experts are advising a cautious approach, as the crypto market is highly risky. Investors are recommended to do a proper risk analysis before investing.
Crypto & Blockchain Expert