Countdown to the end of “Uptober”

Uptober winds down with $40K BTC price goal - 5 key updates in the world of Bitcoin

Uptober’ ends with target of $40K BTC price, here are 5 things to know in Bitcoin this week.

Bitcoin (BTC) starts a new week with a bang, comfortably sitting at highs and leaving traders to speculate on its future price action. It’s like watching a thrilling game of poker, with the fate of BTC hanging in the balance.

Amidst macroeconomic uncertainty, Bitcoin is solidifying its position above $30,000, creating a new trading zone for itself. Bulls are celebrating the highest weekly close since early May 2022, a remarkable achievement considering the recent 15% gains.

But the drama doesn’t end there. As Bitcoin enters the final days of October, potential volatility catalysts are brewing. Geopolitical instability in the Middle East and the upcoming interest rate adjustments by the United States Federal Reserve are adding to the hurdles for risk assets to overcome.

But fear not! Underneath the surface, Bitcoin is looking stronger than ever. The network fundamentals are soaring, reaching all-time highs or at least circling them. It’s like seeing a superhero break through walls and fly higher and higher.

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And despite a recent mass profit-taking event caused by speculators, faith in further upside remains unwavering. It’s as if Bitcoin is a phoenix rising from the ashes, proving its resilience time and time again. However, some skeptics still fear the possibility of a $20,000 crash, lurking in the shadows like a mischievous trickster.

In this weekly rundown, we’ll dive deep into these factors and more, exploring potential influences on BTC price in the coming days. Brace yourselves for an exciting rollercoaster ride!

“Uptober” Still Holds Promise

After experiencing its highest weekly close in 18 months, Bitcoin maintains its position around $34,000 as the new week begins. There’s a sense of anticipation and excitement in the air, like waiting for a grand finale.

Over the weekend, there was a surge in BTC price action, soaring to $34,700 and causing a frenzy of liquidations among short positions. It’s as if the market couldn’t resist the gravitational pull of Bitcoin’s upward momentum.

Compared to the previous week, the last weekly close of October was relatively calm. Now, all eyes are on whether “Uptober” can retain its bullish status. Like a skilled tightrope walker, Bitcoin treads carefully, trying to maintain balance while defying expectations.

According to popular analyst Matthew Hyland, the current Bitcoin position eliminates any possibility of bearish divergence forming on the weekly timeframe. It’s a moment of triumph for the bullish side, like scoring a winning goal in a high-stakes match.

Buoyed by this positive sentiment, the Relative Strength Index (RSI) is hitting higher highs on the weekly charts. RSI, which traditionally serves as an overbought signal when above 70, stands at 69.7 at the time of writing. It’s like witnessing a sprinter on the brink of breaking a world record.

Another prominent trader, Titan of Crypto, predicts a breakout towards $40,000 using the Ichimoku cloud as his crystal ball. $40,000 has become a popular target for the bulls, and they seem determined to achieve it. It’s as if they’re aiming to conquer Mount Everest, defying all odds.

However, despite the current bullish atmosphere, doubt and disbelief still linger in the air. Trader Bluntz marvels at the fact that Bitcoin broke through resistance levels with conviction. The resilience of the recent rally is hard to ignore, but there are still skeptics who hold on to their bearish sentiments. It’s like watching a magician perform an incredible trick, leaving the audience in awe and questioning their reality.

The $20,000 Crash: A “Worst-Case Scenario”

Bitcoin’s journey to new heights has captivated the market, but not everyone remains convinced of its endurance. The fear of a $20,000 crash still haunts some market participants, like a menacing ghost from the past.

$20,000 holds significant historical meaning for Bitcoin—it’s the site of a CME futures gap and the psychological peak of the 2017 bull run. Traders can’t shake the memory of that level, even after seven months of Bitcoin’s price exploration.

Popular trader and analyst Rekt Capital describes a potential drop to $20,000 as the worst-case scenario. With five and a half months remaining until the next block subsidy halving event, this scenario could result in a 42% plunge from the current levels. It’s like facing a terrifying rollercoaster drop, unsure of what awaits at the bottom.

But let’s not lose hope. Worst-case scenarios often have a low probability of happening, as Rekt Capital rightly emphasizes. On the other side of the coin, CrediBULL Crypto considers a $20,000 comeback nearly impossible, suggesting that Bitcoin is more likely to melt through the $40,000 mark. It’s like witnessing a superhero defy gravity and soar even higher into the sky.

Market analyst Mark Cullen highlights the levels that Bitcoin needs to hold to avoid a sudden reversal of progress. Bulls are hoping for Bitcoin to maintain a mid-range retest and flip it into support. It’s a crucial battle for territory, like defending a castle from a relentless siege.

In the midst of these discussions, trader Pentoshi reminds us that conditions on longer timeframes remain unchanged. It’s like stepping back and gaining a broader perspective, realizing that the bigger picture is still intact.

FOMC Rate Move and Crypto’s Departure from Stocks

As Bitcoin faces its own trials and tribulations, trouble is brewing in the Middle East, adding a layer of geopolitical uncertainty. The impacts of war are being felt far beyond the region, creating a constant source of volatility for Bitcoin hodlers. It’s like watching a high-stakes political drama unfold on a global stage.

But there’s more. On November 1st, the United States Federal Reserve will decide whether to adjust benchmark interest rates. Their decision can send shockwaves through the market, shaking things up like a sudden earthquake.

Interestingly, Bitcoin has shrugged off previous Fed rate decisions in recent months, seemingly immune to their impacts. Despite persistent inflation beating market expectations, Bitcoin continues to chart its own course. It’s like watching a rebellious teenager defy authority and carve out their unique identity.

Financial commentary resource The Kobeissi Letter recognizes the significance of the upcoming Fed meeting and anticipates potential headwinds for Bitcoin. They point to a correction in the S&P 500, which traditionally correlated with Bitcoin’s price movements. However, the recent divergence between Bitcoin and stocks might put this correlation to the test. It’s like watching two long-time partners dance to different beats, wondering if they’ll find harmony again.

Meanwhile, research firm Santiment confirms that Bitcoin’s correlation with stocks has weakened, signaling the return of the crypto bull market. The recent loss of 4% in the S&P 500 has little impact on Bitcoin’s upward trajectory. It’s like witnessing a ballet dancer gracefully move across the stage, unaffected by the chaos around them.

Bitcoin’s Network Strength and a Surge of Miners

For Bitcoin’s network fundamentals, there’s no pausing for breath. At the latest readjustment on October 30th, mining difficulty increased by an impressive 2.35%, reaching an all-time high. The competition among miners has intensified, making it more challenging than ever to mine a single BTC. It’s like watching a racecar zoom past the finish line, breaking records effortlessly.

The hash rate tells a similar story, circling 493 exahashes per second (EH/s), according to the latest estimates. This raw power of the network is awe-inspiring, like witnessing a multitude of workers collaborating to build a monumental structure.

Experts like James Van Straten and Jaran Mellerud view the progress in difficulty and hash rate with excitement. They see the surge of mining activity as a positive sign, resulting from the recent price pump and miners’ rush to upgrade their fleets before the halving event. It’s like watching an army prepare for battle, with each soldier eager to prove their strength.

Jaran Mellerud even predicts a hash rate of 500 EH/s before the New Year, further pushing the boundaries of what the network can achieve. It’s like cheering on a team that’s breaking records and aiming for unparalleled greatness.

Greed Reaches All-Time Highs

In the realm of crypto sentiment, the Crypto Fear & Greed Index takes center stage. Previously stagnant, the index has made a triumphant return, just like Bitcoin’s climb. And this time, it’s reaching levels not seen since November 2021.

With a score of 72/100, the index firmly falls into the “greed” category. This surge in greed aligns with Bitcoin’s push higher, reminiscent of the excitement surrounding its previous all-time high of $69,000. It’s like observing a tense poker game, where players can’t help but push their luck.

The Crypto Fear & Greed Index is known for reaching extreme levels before a significant trend change occurs in price action. It’s like a magician pulling out their most astonishing trick, leaving the audience in awe and anticipation.

So, dear readers, buckle up and prepare for another thrilling ride in the world of Bitcoin. As we countdown to the end of “Uptober,” the excitement and uncertainty promise to keep us on the edge of our seats. Will Bitcoin continue its upward trajectory or face unexpected challenges? Only time will tell, but one thing’s for sure—Bitcoin never fails to surprise and delight us.

Stay tuned for the next chapter in Bitcoin’s incredible journey!

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Hey there, fellow crypto enthusiasts! What a whirlwind week it’s been for Bitcoin, right? As we enter the final days of “Uptober,” the excitement in the air is palpable. Bulls are jubilant, bears are cautious, and the market is buzzing with predictions and speculations. It’s like being in the middle of an exhilarating rollercoaster ride, where the twists and turns keep us guessing.

In our weekly rundown, we’ve explored Bitcoin’s journey to new highs, the lurking fear of a $20,000 crash, the upcoming Fed rate decisions, and the astonishing strength of Bitcoin’s network fundamentals. It’s been a wild ride, filled with drama, suspense, and a dash of humor.

But the story is far from over. Bitcoin’s future remains uncertain, and the market is eagerly watching for the next breakthrough or setback. Will Bitcoin conquer new heights, defy expectations once again, or face unexpected challenges? Only time will tell, my friends.

So, grab your popcorn, sit back, and enjoy the show. Join the conversation, share your thoughts, and let’s navigate this thrilling journey together. As passionate digital asset investors, we’re always on the lookout for the next big opportunity. And with Bitcoin, the adventure never stops!

Stay tuned for more exciting updates, hilarious metaphors, and insightful analysis. Until then, happy investing and keep riding the crypto rollercoaster with a smile on your face!

Remember, in the world of Bitcoin, laughter and profits go hand in hand. Let’s keep the good vibes rolling! 🚀😄

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