Bitcoin is Trading -15.64% Below Our Price Prediction for Oct 06, 2024
coincodex.com 02 October 2024 10:16, UTC Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.
- Bitcoin is down -4.20% today against the US Dollar
- BTC/ETH increased by 2.93% today
- Bitcoin is currently trading 15.64% below our prediction on Oct 06, 2024
- Bitcoin gained 5.40% in the last month and is up 121.80% since 1 year ago
| Bitcoin price | $ 61,185 |
| Bitcoin prediction | $ 72,526 (17.87%) |
| Sentiment | Bearish |
| Fear & Greed index | 42 (Fear) |
| Key support levels | $ 59,481, $ 58,073, $ 55,751 |
| Key resistance levels | $ 63,211, $ 65,533, $ 66,941 |
BTC price is expected to rise by 17.87% in the next 5 days according to our Bitcoin price prediction
Bitcoin price today is trading at $ 61,185 after losing -4.20% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -2.68% in the same time period.
According to our Bitcoin price prediction, BTC is expected to reach a price of $ 72,526 by Oct 06, 2024. This would represent a 17.87% price increase for BTC in the next 5 days.
BTC Price Prediction Chart
Buy/Sell Bitcoin
What has been going on with Bitcoin in the last 30 days
Bitcoin has been displaying a positive trend recently, as the coin gained 5.40% in the last 30-days. The medium-term trend for Bitcoin has been bullish, with BTC increasing by 6.25% in the last 3 months. The long-term picture for Bitcoin has been positive, as BTC is currently displaying a 121.80% 1-year price change. On this day last year, BTC was trading at $ 27,586.
Bitcoin reached its all-time high price on Mar 14, 2024, when the price of BTC peaked at $ 73,628. The current BTC cycle high is $ 66,381, while the cycle low is at $ 49,436. BTC has been displaying low volatility recently – the 1-month volatility of the coin is at 5.80. Bitcoin recorded 18 green days in the last 30 days.
Bitcoin technical analysis for today – Oct 02, 2024
The sentiment in the Bitcoin markets is currently Bearish, and the Fear & Greed index is reading Fear. The most important support levels to watch are $ 59,481, $ 58,073 and $ 55,751, while $ 63,211, $ 65,533 and $ 66,941 are the key resistance levels.
Bearish sentiment for Bitcoin
13 indicators are currently signaling a bullish prediction for Bitcoin, while 15 indicators are showing a bearish forecast. With 54% of indicators favoring a negative prediction. This results in an overall Bearish sentiment for Bitcoin.
Crypto market is currently experiencing Fear
Currently, the Fear & Greed index is at 42 (Fear), which signals that investors have a negative outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.
Bitcoin moving averages & oscillators
Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Bitcoin is positioned in the market right now.
| Period | Daily Simple | Daily Exponential | Weekly Simple | Weekly Exponential |
| MA3 | $ 61,797 (SELL) | $ 61,795 (SELL) | – | – |
| MA5 | $ 63,253 (SELL) | $ 60,964 (BUY) | – | – |
| MA10 | $ 63,866 (SELL) | $ 60,261 (BUY) | – | – |
| MA21 | $ 62,662 (SELL) | $ 60,350 (BUY) | $ 70,990 (SELL) | $ 61,177 (BUY) |
| MA50 | $ 60,395 (BUY) | $ 61,423 (SELL) | $ 78,769 (SELL) | $ 54,531 (BUY) |
| MA100 | $ 61,071 (BUY) | $ 62,098 (SELL) | $ 54,350 (BUY) | $ 46,058 (BUY) |
| MA200 | $ 61,764 (SELL) | $ 59,463 (BUY) | $ 47,136 (BUY) | $ 37,386 (BUY) |
| Period | Value | Action |
| RSI (14) | 46.36 | NEUTRAL |
| Stoch RSI (14) | 45.71 | NEUTRAL |
| Stochastic Fast (14) | 64.72 | NEUTRAL |
| Commodity Channel Index (20) | 66.67 | NEUTRAL |
| Average Directional Index (14) | 22.63 | NEUTRAL |
| Awesome Oscillator (5, 34) | 5,010.79 | NEUTRAL |
| Momentum (10) | 187.97 | NEUTRAL |
| MACD (12, 26) | 232.72 | NEUTRAL |
| Williams Percent Range (14) | -35.28 | NEUTRAL |
| Ultimate Oscillator (7, 14, 28) | 54.03 | NEUTRAL |
| VWMA (10) | 64,350.95 | SELL |
| Hull Moving Average (9) | 66,103.71 | SELL |
| Ichimoku Cloud B/L (9, 26, 52, 26) | 59,559.50 | NEUTRAL |
The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Bitcoin is at 46.36, suggesting that BTC is currently neutral.
The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Bitcoin over the last 50 days. Currently, Bitcoin is trading above the SMA 50 trendline, which is a bullish signal.
Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the BTC closing price for the last 200 days. BTC is now trading below the SMA 200, signaling that the market is currently bearish.
The bottom line about this Bitcoin prediction
After considering the above factors, we can conclude that the current forecast for Bitcoin price prediction is Bearish. BTC would have to increase by 17.87% to hit our $ 72,526 target within the next five days. Moving forward, it will be important to monitor the BTC market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Bitcoin price predictions click here.
Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.
