Bitcoin Price Prediction as BTC Pumps Past $20,500 – Where is it Going Next?

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During the European session, Bitcoin remained bullish, having gained lower than 0.5% within the final 24 hours to commerce at $20,600. Although October is often a constructive month for Bitcoin, the sluggish begin to the month and continuation into the final week of the month ultimately triggered an upward pattern.

During the Asian session, the cryptocurrency market took a pointy upward swing, and this unfavourable perspective swiftly evaporated. With Wednesday’s commerce coming to a conclusion, BTC’s worth had risen above $20,000 for the primary time. However, what does rejection at $21,000 suggest?

Messina Group CEO Bets Porsche Bitcoin Will Return to $60K

Jim Messina, CEO of consultancy agency The Messina Group, shared his optimistic outlook on cryptocurrencies and Bitcoin specifically on Wednesday (October 26). 

On Fox Business, when Bitcoin was buying and selling at round $20,000, the ex-White House deputy chief of workers mentioned cryptocurrencies. Messina made the next feedback about distributed ledger expertise and digital currencies:

Look, I believe blockchain and crypto is one of the crucial thrilling developments in our lifetime. I believe when this is throughout, we’re going to be identified this technology for Covid and for reimagining our monetary system. I’m extremely bullish on this. I believe it’s good to have a crypto winner, eliminating a number of the BS tasks which are on the market.

CNBC reported on 19 September 2022 that Messina “brings some heavy lobbying steerage to a London-based cryptocurrency buying and selling platform as the trade braces for brand spanking new legal guidelines within the US and overseas.”

As a results of the optimistic tweet about Bitcoin’s forecast reaching $60K, we may even see a bullish pattern in Bitcoin costs.

Bitcoin Price Prediction as BTC Pumps Past $20,500 

Bitcoin is at present buying and selling at $20,583, with a 24-hour buying and selling quantity of $54 billion. Bitcoin has risen by greater than 7% within the final seven days. CoinMarketCap at present holds the highest spot, with a dwell market cap of $395 billion, up from $398 billion through the Asian session.

1666874874 312 Bitcoin Price Prediction as BTC Pumps Past 20500 – Where
Bitcoin Price & Tokenomics – Source: coinmarketcap

Bitcoin rises after breaking out of a symmetrical triangle sample at $19,250. The BTC/USD pair has traded bullishly, breaking by speedy resistance ranges of $19,900 and $20,430, as predicted within the Bitcoin worth prediction for October 26.

For the time being, it is encountering speedy resistance at $21,000, a degree prolonged by 61.8% Fibonacci retracement. The RSI and MACD are nonetheless in a shopping for zone, indicating a bullish run; equally, the 50-day transferring common signifies shopping for above $19,600.

1666874875 917 Bitcoin Price Prediction as BTC Pumps Past 20500 – Where
Bitcoin Price Chart – Source: Tradingview

Bitcoin’s near-term help is nonetheless round $20,400 and $19,900. If the worth of Bitcoin breaks by $21,000 immediately, buyers could look to make a purchase order.

 Compiled by Coinbold

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