Some communities are confident that Bitcoin (BTC) will be bullish at the end of October 2022 despite the recent volatility and price declines. Crypto analyst Michael van De Poppe has recently made predictions about the potential to buy Bitcoin in light of various positive market sentiments.
Tuesday (28/09/22). "Depends on today's index, but if we look at it, it looks like BTC is likely to be able to head towards $23K at least assisted by some price boost," he wrote on Twitter Tuesday (28/09/22).
He also added that all levels are seen by the position of the level. The upside is around $20.7K – $22.9K, while the downside is around $20K – $19.3K-19.5K.
Bitcoin Prices Still Fluctuate
For investors who want to see a return on their investment more quickly, bitcoin price fluctuations are still thought to have a certain allure. However, traders must continue to exercise caution because significant fluctuations can result in sizable losses.
The cost of BTC varied between $18,000 and $25,000 as of mid-June. The market's decline was brought on by the spate of bankruptcy filings in the cryptocurrency industry. This comes after the market value for all cryptocurrencies experienced a $2 trillion value crisis since reaching an all-time high in November.
The decline was also brought on by the unchecked rise in interest rates at the central bank. The price of BTC this week was then impacted by the news that coincided with the recent decline in US stocks.
The S&P 500 also fell to its lowest level this year. Therefore, there are indications of a declining relationship between cryptocurrencies and equities.
Investors Should Keep an Eye on DXY
Investors are still keeping an eye on the rise in the US dollar's value, though. This is as a result of the US dollar index rising by more than 18% against a group of other currencies this year.
Since cryptocurrencies suffer from a stronger dollar, the price of bitcoin falls. On the other hand, if the US dollar drops, the market for cryptocurrencies is likely to soar.
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