The Bitcoin (BTC) price movement was decisively bullish in October. The price reached a new yearly high of $35,200 on October 24.
These three crypto traders employed different means to give Bitcoin predictions for October, achieving considerable profits as a result.
Elliott Wave Count Predicts Completed Correction
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend. The method was used to predict the BTC price increase since October 11.
Cryptocurrency trader Bluntzcapital correctly predicted that the ongoing decrease was part of an A-B-C corrective structure. In this case, it is expected that the trend will be bullish, and what follows is a significant upward movement.
Decode tomorrow’s crypto prices today: Bitcoin (BTC) Price Prediction
The BTC price has increased rapidly since completing the A-B-C correction on October 11 (green icon).
In 12 days, the BTC price increased by 33%, leading to a new yearly high of $35,200. The price has fallen slightly since and is struggling with the $35,000 resistance area.
Cryptocurrency trader IncomeSharks stated:
#Bitcoin – Ugly charts make for amazing entries.
He used this logic to buy on October 11, the same day BluntzCapital used his Elliott Wave count to make a prediction. Therefore, both traders came to the same conclusion despite using vastly different methods.
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Trading Range Predicts Bitcoin Price Movement
On October 6, cryptocurrency trader CryptoGodJohn tweeted a BTC roadmap that suggests the price will increase above $37,000. The main reason for this was that the midrange at $24,700 held.
The movement since the tweet has been nearly identical to that predicted. While it remains to be seen if the price will top $37,000, there is resistance at $36,000 and $40,000, respectively.
The first resistance is created by the 1.61 external Fib retracement of the previous drop, while a horizontal resistance area creates the second.
An increase to the first would be an upward movement of 4%, while a 15% increase is required for the BTC price to reach $40,000.
Despite this bullish Bitcoin price prediction, a rejection at $35,000 can cause a decrease of 10% and reach the closest support at $31,200.
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