Bitcoin, in October last year, recorded an average closing price of $58,051. It enters the first day of the same month this year at a much lower value, trading at $19,358 as of this writing, according to tracking CoinGecko.
- Bitcoin is currently trading above $19,000
- In October 2021, Bitcoin traded above the $60,000 mark for 16 days in a row
- Bitcoin aims to regain the $20,000 level
But even with this large value discrepancy, some experts believe the startup cryptocurrency could be on the verge of a major price move as it enters October, a month considered “favorable” for the asset .
After all, it was during this month last year that Bitcoin reached one of its highest prices before reaching its all-time high in November 2021, when it briefly traded above $68,000.
On October 20, 2021, the digital asset closed at $66,109. It was priced above $60,000 for 16 days in a row starting on October 15th.
In light of this, it’s safe to say that Kitco News analyst Jim Wyckoff was on to something when he said that crypto is bound to make notable jumps in value this month.
Bitcoin Volatility Reduction
The US dollar is currently in a shambles, dominating some of its global fiat currencies. It performed well against the British pound, the euro, the Japanese yen, the Canadian dollar and the Swedish krona.
This level of dominance shown by the greenback made leading crypto Bitcoin stand out as a viable alternative hedge.
This development, according to Wyckoff, stabilized the price of Bitcoin as it tries to hold the $19,000 level before making a big price move.
Forecasts, however, are still far from what the digital asset achieved in October last year.
Goal: To regain the $20,000 level
Bitcoin had a dismal September this year, only managing to set a high of around $20,000.
This month, crypto trading expert Michael Van de Poppe said that the largest cryptocurrency by market capitalization could be looking at a price of $19,600, as long as it is able to hold the $19,300 level.
But the crypto community seems more optimistic, saying that Bitcoin may end October 2022 at $22,857.
The digital asset can achieve this if it succeeds in its push to break out of the bear market and somehow start a bullish rally.
For now, Bitcoin is focusing on retrieving the $20,000 level, as it has experienced difficulty in rising and holding there.
BTCUSD pair still working to reach $20K level, trading at $19,304 on the weekend chart | Source: TradingView.com Featured image from CNBC, Chart: TradingView.com