Bitcoin (BTC) has been on a small rollercoaster ride in recent days, trading above and below the $26,000 threshold several times. This uninspiring performance highlighted the challenges BTC is facing to make a significant breakthrough after dropping more than 10% in the past month.
However, one prognosis forecasts a rebound in BTC’s price in the coming weeks, indicating potential signs of much-needed optimism.
Specifically, Bitcoin is projected to reach $28,435 by October 13, 2023, signaling that the world’s largest cryptocurrency could witness a surge of nearly 9% from its current price, according to September 13 data displayed by the price prediction algorithm at the crypto analytics platform CoinCodex.
BTC price projections
Apart from a 30-day projection, the platform offered interesting price estimates for several other timeframes. For instance, CoinCodex anticipates Bitcoin to reach a new high of $31,139 by September 30, implying a potential short-term upside of around 20%. On the other hand, as of October 31, 2023, the cryptocurrency could slip back to $27,205, which is still 4% higher than its current price.
Bitcoin price analysis
At the time of publication, Bitcoin was changing hands at $26,151, up 0.32% on the day.
The maiden crypto asset rose around 0.8% over the past 5 days while losing more than 10.8% on the monthly chart, erasing over $65 billion off its market cap.
During this 30-day period, BTC witnessed only 11 green days, or 37%. As a result of its bearish performance, the fear & greed index is sitting at 41/100, indicating a ‘fear’ sentiment currently.
Crypto trader warns of huge BTC decline to $23,000
Meanwhile, a popular X (formerly Twitter) crypto trader and analyst, CrypNuevo, warned that Bitcoin may be bracing for a short squeeze rally to $27,000 in the coming days.
However, if his predictions come to fruition, the rally would mark only a short-term pump before a significant liquidation event that could push BTC prices to as low as $23,000.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
