Bitcoin traders eye weekly close volatility with $27K BTC price on radar

nestorsauer8 16. October 2023 0

Bitcoin (BTC) cruised into a brand new weekly close on Oct. 15 as “ultra boring” buying and selling circumstances nonetheless supplied hope of a $27,000 breakthrough.

BTC/USD 1-hour chart. Source: TradingView

“Ultra boring” BTC price could but shock at weekly close

Data from Cointelegraph Markets Pro and TradingView tracked a sometimes sideways weekend, with BTC price volatility absent previous to the close.

Still performing round the important thing $26,800 mark, Bitcoin denied traders main trajectory cues, whereas spot markets have been quiet.

Considering upside potential, Michaël van de Poppe, founder and CEO of MN Trading, argued that there was room for a BTC price journey to $27,800.

“Weekends are ultra boring for trading, especially for Bitcoin,” he told X subscribers on the day.

“Unchanged perspective. Did a double-bottom test at $26,500 and held there. Currently fighting resistance, through which another test of $27,000 should end up with a breakout to $27,800.”

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Popular dealer and analyst Daan Crypto Trades in the meantime eyed an upcoming weekly candle closing beneath a “bull market support band” fashioned of two transferring averages.

“Still no convincing close above or below for some weeks now as we trade right around the area,” a part of X commentary stated.

BTC/USD chart with bull market help band. Source: Daan Crypto Trades/X

Additional evaluation predicted volatility choosing up towards the tip of the day, with the newest CME Group Bitcoin futures closing price at $26,840 an space of curiosity.

Bitcoin adoption curve mannequin requires $27,000 help

$27,000 and past additionally fashioned a spotlight as potential longer-term help over the weekend.

Related: Did SBF really use FTX traders’ Bitcoin to keep BTC price under $20K?

This got here from Timothy Peterson, founder and funding supervisor at Cane Island Alternative Advisors, who noticed the BTC price stage gaining significance going ahead.

Thanks to the relationship between price and adoption, $27,000 ought to represent a type of benchmark which sustains as help round 75% of the time by the tip of 2023.

“Bitcoin price spends 75% of its time above its adoption curve. That curve will reach $27,000 in 60 days,” he wrote on X alongside a demonstrative chart.

Bitcoin Adoption Curve chart. Source: Timothy Peterson/X

In August, Peterson predicted a 15% BTC price dip by October, whereas $100,000 ought to hit inside the subsequent three years.

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.