Bitcoin Price Shows Signs of Recovery, Analyst Predicts $30,000 in October

Bitcoin Price Shows Signs of Recovery, Analyst Predicts $30,000 in October

Bitcoin (BTC) exhibited a positive turnaround as it broke higher, surging towards $27,000, prompting one analyst to make a bullish prediction of a return to $30,000 in October.

As per data from Cointelegraph Markets Pro and TradingView, BTC's price action displayed a 2% increase, reaching $26,823 on Bitstamp. This ascent to near-weekly highs garnered attention from market observers who anticipated the possibility of a breakout, provided that overhead resistance levels were not replenished.

One popular trader, known as Skew, highlighted that ask liquidity in the market was relatively wide and thin, which could pave the way for an upward move, potentially leading to inefficiencies and premiums later.

On-chain monitoring source, Material Indicators, identified increased activity among a specific category of whales renowned for their influence on BTC price action. Material Indicators also noted that the move above the $26,500 mark invalidated a prior warning signal triggered by a "death cross" on the daily chart earlier in the week.

Keith Alan, co-founder of Material Indicators, emphasized his confidence in following the actions of these influential whales, stating, "Purple buys dips and sells rips."

Crypto analyst Michaël van de Poppe expressed optimism about Bitcoin's performance, suggesting that a price level of $26,500 could pave the way for a climb to $30,000 in October.

Despite the positive momentum, data from monitoring resource CoinGlass indicated that the number of short liquidations remained relatively low. At the time of reporting, approximately $13 million in BTC shorts had been liquidated, with a total cross-crypto tally of $39 million.

The Bitcoin market's resilience and the optimistic outlook of analysts signal a potential recovery for the cryptocurrency, with the $30,000 price level emerging as a key target for the month of October. Traders and investors continue to monitor the market closely for further developments.

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