Bitcoin Price Prediction Next 24 Hours: Will BTC Break $130K?

As of today, October 6, the flagship digital currency Bitcoin (BTC) is priced around $123,778.39. The market sentiments remain bullish, supported by strong technical signals and macroeconomic conditions. The major factors driving the price include the institutional inflows into ETFs, the perception of BTC as a safe-haven hedge asset amid the U.S government shutdown, and the heightened optimism about the October month popularly called ‘Uptober’. The bullish Bitcoin price prediction for the next 24 hours ranges from $ 125,000 to $130,000 or above. Despite the optimism, the crypto experts are not ruling out price slides as the crypto market is highly volatile.

How is Bitcoin ( BTC) Performing Now?

The BTC just hit a record high on Sunday, October 5. The world’s largest cryptocurrency reached an all-time high of $125K. Despite experiencing slight dips, the BTC is trading near $123,778.39. The market cap is nearing $2.46 trillion. The overall trading volume stands at $58.4 billion. Volatility is medium with 3.06%. The overall market sentiment remains bullish. It’s trading above its 200-day Simple Moving Average ( SMA). The 14-day Relative Strength Index of 69.93 suggests the heightened enthusiasm among the crypto market stakeholders. The BTC had 18 green days in the past 30 days.

The current momentum is backed by strong institutional interest and perception of BTC as a safe-haven amidst the U.S government shutdown. The BTC’s perception as a hedge asset is growing among investors. The Exchange Traded Funds ( Bitcoin ETFs Inflows) witnessed inflows worth $3.24 billion. The ETFs provide formal and regulated exposure to the rather volatile crypto market. Unlike many other emerging digital currencies, BTC has wider acceptance and adoption. The fundamentals remain strong as it is perceived as digital gold. On top of that, October has been a month in which BTC made significant gains; this sentiment, popularly called ‘Uptober,’ is further boosting investor confidence. 

Bitcoin Price Prediction Next 24 Hours: Will It Break $130K?

The crypto analysts and investors are closely watching the price movements of BTC. The conservative estimates predict the dominant crypto token rallying around $ 125,179 in the next 24 hours. However, the crypto experts are not ruling out the possibility of reaching $130K or above. Charles Edwards, Capriole Investments founder, earlier predicted that 

Bitcoin’s breakout above $120,000 would lead to a very quick upward move reaching $150,000. Technically, if the BTC were able to defend $122K, it would be able to reach a rally. Whether BTC can continue the upward trend depends on several factors, both economic and political. If inflows to ETF continue, the dollar weakens further, and the interest rate remains low, BTC would be able to repeat its October gains of the past years. Besides, according to crypto experts, reaching the all-time highs would further attract more investors and keep the ‘Uptober’ sentiment alive.

According to Sathvik Vishwanath, Co-Founder & CEO at Unocoin, if BTC can break above the resistance, targets between $128K–$135K may be reached. On the other hand, if the shutdown continues and the new ETF approvals are delayed, it may trigger a correction. A strong dollar or any regulatory changes can dampen the market sentiments. 

The Bottom Line

The BTC is now trading near $123,930.05 after reaching a new all-time high on Sunday. The pull-backs amidst the current bullish sentiments are generally perceived as a sign of consolidation. It can be said that the world’s largest cryptocurrency remains bullish but volatile. If the safe-haven perception continues and investors see digital currency investments as a way to diversify their portfolio amid a weakening dollar, the momentum may continue. The experts recommend keeping a cautious optimism, as any changes in the macroeconomic parameters could affect the prices. Moreover, any regulatory tightening or ripple effects of the U.S government shutdown remain a cause of concern. The investors need to keep in mind that the crypto market offers higher rewards, yet it is equally risky.