As of today, the price of Bitcoin is valued at $28,304.58 USD and its trading volume in the past 24 hours has reached $14,689,960,777 USD. Over the last day, Bitcoin has risen by 4.07%. It’s currently ranked #1 on CoinMarketCap with a live market cap of $551,990,595,471 USD and has a circulating supply of 19,501,812 BTC coins with a maximum supply of 21,000,000 BTC coins.
Over the past week, Bitcoin’s price has experienced an overall positive movement, increasing by 2.39%, as per data from CoinMarketCap. Although there was a slight decline between Tuesday and Thursday, the premier cryptocurrency rebounded on Friday and is now trading above $27,000.
Additionally, renowned crypto analyst Michaël van de Poppe has predicted a bullish run for Bitcoin in Q4 2033 based on anticipated events, coinciding with the start of the new month of October.
$BTC | 1H: Today Plan:
Shorting #Bitcoin from $28,000 with 0.5Risk. I am expecting to see some spot selling to liquidate late longs, as the 28k sell wall has been filled. I am hoping this will lead to a short-term drop in the price of Bitcoin. Good luck to all traders!
— Femto XBT (@FemtoXBT) October 2, 2023
Bitcoin Price Projection: Analyst Forecasts $40K by Q4 2023 Amid Positive ‘Uptober’ Start
On October 1, Michaël van der Poppe expressed his optimism towards the BTC market, naming the month “Uptober” and indicating that the crypto bear market is coming to an end. He believes that Bitcoin could soon see significant gains and predicts it could reach $40,000 by the end of Q4 2023.
#Bitcoin DPC price model – Quarterly update (Oct 1, 2023)
– Current projection: $30K ($18-54K)
– Projected cycle finish (Apr 23, 2024): $64K ($37-112K)
– Next projected cycle peak (Oct 9, 2025): $167K ($97-295K) https://t.co/Vnx9WbZOqt pic.twitter.com/ywZlqlxR80
— DFi (@DeFi_initiate) October 1, 2023
This prediction is based on the potential approval of ETF applications, which could result in massive gains for the crypto asset. The US Securities and Exchange Commission might decide to delay its response to these proposals until the final deadlines, most of which are scheduled for Q1 2024.
How Will the BTC Halving Affect the Cryptocurrency Market?
It’s possible that Bitcoin could experience a pre-halving rally, pushing its value to $40,000 in Q4 2023, according to Michaël van de Poppe. This trend has been observed in the past, such as in 2012 and 2016, leading up to the halving event. Van de Poppe predicts that a similar price movement could occur before the next Bitcoin halving, scheduled for April 2024, where mining rewards will be halved from 6.25 BTC to 3.125 BTC.
However, it’s important to keep an eye out for unexpected events, as evidenced by the COVID-19 pandemic’s effect on the pre-halving rally in 2020. As of now, Bitcoin is trading at $27.138, with a daily trading volume of $6.28 billion, down by 21.37%.
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