Bitcoin Price Prediction as BTC Projected to Reach $28,435 by Mid-October – Is a 9% Surge on the Horizon?
Bitcoin has been making waves in the cryptocurrency market recently, with speculations suggesting that the leading cryptocurrency might be on track to reach $28,435 by the middle of October.
Recent forecasts posit that Bitcoin could touch a noteworthy value of $28,435 by mid-October, representing a prospective 9% uptick.
This optimistic projection gains further credibility when viewed in conjunction with the latest Nonfarm Payroll (NFP) data released on Friday.
The figures exceeded anticipations, with the job sector adding a staggering 336K positions compared to the predicted 171K — a marked improvement from the revised 227K of the previous month.
Furthermore, while the average hourly earnings saw a modest month-on-month increase of 0.2%, in line with the previous month, it slightly missed the expected 0.3%.
The unemployment rate remained steady at 3.8%, slightly above the anticipated 3.7%.
Investors closely watch macroeconomic and crypto-specific factors as Bitcoin's potential ascent in the coming weeks draws interest.
As of October 7th, Bitcoin (BTC/USD) is trading at $27,922, reflecting a nearly 2% increase in the last 24 hours and a commendable 4% hike over the past week.
This recent uptick in the price aligns with the massive 24-hour trading volume of over $13 billion, solidifying Bitcoin's dominance in the cryptocurrency market.
According to CoinMarketCap, Bitcoin currently holds the prestigious #1 ranking, boasting a staggering live market cap of approximately $544 billion.
The current circulating supply stands at 19,506,306 BTC coins, edging closer to its maximum supply limit of 21,000,000 BTC coins.
From a technical standpoint, key price levels emerge when assessing the 4-hour time frame. The pivot point rests at
Read more on cryptonews.com
