After weeks of trading within a narrow range, Bitcoin (BTC) surged above the $28,000 milestone on Monday, October 2, marking its first ascent beyond this level since mid-August.
This breakthrough followed BTC’s successful breach of the critical resistance and a month-long period of accumulation by crypto investors.
But this may be only the beginning of a substantial bull run for BTC, according to a prominent cryptocurrency expert.
Notably, popular trader and analyst Michaël van de Poppe believes October and the whole Q4 of 2023 could bring back optimism among investors, primarily due to potential spot Bitcoin exchange-traded fund (ETF) approvals and the typical pre-halving price surge.
“Welcome to Uptober. Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.”
– Poppe wrote in the tweet.
Assuming these would pan out as anticipated, a potential surge to as high as $40,000 in Q4 “is reasonable” for Bitcoin, Poppe added, implying a possible upside of more than 40% from the current price.
Long way to $40,000
However, before Bitcoin potentially rallies to $40,000 – a level not seen since April 2022 – there are several major hurdles to clear first.
One of them is reclaiming the $30,000 mark.
Bitcoin’s surge above the $28,000 level comes after cryptocurrency sharks and whales – investors holding between 10 and 10,000 BTC – accumulated a combined $1.17 billion since September 1, behavior analytics platform Santiment revealed on Monday.
Unless these investors begin dumping their BTC holdings, the world’s biggest cryptocurrency’s return to $30,000 “looks more and more likely,” Santiment added.
BTC hasn’t traded above $30,000 since July as hawkish Federal Reserve remarks and SEC’s delays of ETF decisions led to increased market uncertainty and lack of optimism in recent months.
But as soon as October dawned, which was historically a significantly bullish month for crypto, confidence among investors returned, propelling Bitcoin above an important barrier.
Bitcoin price analysis
At the time of publication, BTC was changing hands at $28,383, up 4.8% in the past 24 hours.
The maiden crypto asset gained around 8.8% in the past week and over 10% in the month, adding almost $50 billion in market cap during that period.
With its latest price surge, BTC pierced through a major confluence resistance zone between $28,042 and $28,234, formed by the 200-day simple moving average (MA) and 100-day simple moving average, respectively, which now act as support.
Staying above those levels would allow bulls to attack the psychological $30,000 threshold, followed by another resistance area at $31,092 – $31,830.
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