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Bitcoin (BTC) and the wider cryptocurrency market opened the week on a positive note, but gains are slowing down, intensifying the battle between bulls and bears. The focus centers on a critical support level at $24,900 for , as failing to maintain this level could mark the end of the bullish trend, as noted by expert CoinsKid on October 3. CoinsKid’s analysis suggests that if Bitcoin holds onto this support level, it could make a significant move upwards, potentially surpassing the $30,000 mark. Currently, Bitcoin is trading at $27,593, with a 2.7% drop in the last 24 hours, though it has seen a 5.02% increase over the past seven days and a 6.34% gain on its monthly chart, based on the latest data. Crypto analyst Cryptoinsightuk pointed out that Bitcoin’s weekly relative strength index ( ) chart patterns indicate the potential for a 1,100% price surge in certain conditions, particularly with a supply squeeze and the introduction of a spot Bitcoin exchange-traded fund ( ). Despite these optimistic views, renowned crypto expert Michaël van de Poppe remains cautiously optimistic. He anticipates renewed investor enthusiasm in the fourth quarter of 2023, driven by the potential approval of a spot BTC ETF and the traditional pre- price surge. Van de Poppe’s prediction suggests a possible target of $40,000.
Read more: coinspress
