After swinging in the lower $40K range for the last week of September, Bitcoin price finally got the boost it needed on the 1st of this month. The price increased from 43.2 thousand dollars to 48.4 thousand dollars. As a result, altcoins followed suit, and the global cryptocurrency market cap crossed $2.1 trillion on the same day.
On the other hand, the price of BTC has been confined to a range of between $47K and $48K over the past 36 hours. It is now being decided whether the token will hold or push to the next stage up. Some fundamentals and metrics suggest that Bitcoin is preparing for the next big rally.
Bitcoin price is undergoing a healthy correction! What do you expect for the price of bitcoin this week?
In May and June, the Bitcoin hash rate dropped to new lows. However, since July, things have started to improve. The chart below shows how the hash rate has nearly doubled since a low of 86 million TH/s.
As more miners compete to mine Bitcoin, the hash rate increases. During these periods, the price of the coin usually acts as a tempting incentive for miners to mine more.
Even if the recovered hash rate has no effect on the price per se, it should be noted that miners are usually more profitable during these periods.
The tick bar is a long-term indicator that appears on the Bitcoin chart to denote the overall bottoms. In the recent past, her predictions were fairly accurate. The most recent buy signal appeared on the chart in August, when the price was around $30K. After that, the bar continued to rise, indicating that miners had returned to the Bitcoin network.
In August, a bullish cross was confirmed on the bar. The last time such a discrepancy occurred, the price of BTC rose by 230 percent. Bitcoin price will cross the $158,400 mark this time if it sees a similar increase.
A 6-digit evaluation might seem unlikely at this point, but it can’t be completely ruled out. However, it must be remembered that the value of BTC will not change overnight. Since it took four months last time, a six-figure assessment will only be possible in November and December of this year.
Will October be a hurdle or a blessing in disguise for Bitcoin (BTC) price?
What is the business plan here for Bitcoin?
Bitcoin will have a positive month in October. By the end of the year, if it has passed, new records will be created. At the time of writing, Mayer Multiple has shown an interesting trend.
This indicator was created to look at the price of BTC in relation to its past volatility. When investors put their money into Bitcoin when the price was less than 2.4, they get a lot of money. The value of this metric was 1.055 at the time of writing.
When the price of BTC went up in the past, the MM appreciation was usually above 1.5. As a result, Bitcoin’s rally will likely only gain momentum in October, with real action after that.
However, when the bitcoin price has fallen into the negative range in the past, it usually recovers again. However, in the past, the price spent 1-2 months in the bullish zone before rising to the extension zone and the overbought zone.
The bullish zone is currently located within the $50K-$77K price range. As a result, the bitcoin price often fluctuates in this range during the month of October. However, if other macro factors fail to support the King’s coin, you will have to spend more time in negative territory. As a result, October will be the month when the fate of Bitcoin will be decided.
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