Bitcoin is making a minor bearish correction below $9,500 after the massive surge. The following Bitcoin price prediction October 28 update looks at what could happen next from the technical perspective.
October 28, 2019 | AtoZ Markets – The cryptocurrency market is back to life! Bitcoin roared again and this time around, it seems the expected bottom has been reached already. The premier cryptocurrency led the market in a $40 billion resurgence in less than 48 hours. Bitcoin hit $10,480 which was over 40% surge in just over a day. Since the bearish correction started in late June at $13,900, this is the biggest single-day surge. The corrective channel has now been broken to the upside. As a result of this, Bitcoin market dominance has returned to 68%. Trading volume spiked massively. Even Bakkt Bitcoin futures jumped by 260% to hit $11 million valuations in 24 hours. This means that Bitcoin performed better than the Altcoin aggregate. Has the bullish trend resumed? Will the year end bullish, challenging or even surpassing the $13,900 2019 high toward the $19,800 all-time high?
Why the big surge?
China has opened itself up to the idea of cryptography and blockchain technology. The country which has been a famous opposition to Cryptocurrency-related businesses has shocked the digital currency community. First, Chinese President Xi Jinping said that he wants the country to take the lead in blockchain technology and adopt it as ”an important breakthrough for independent innovation of core technologies”. The sudden surge Bitcoin had has been connected to this turnaround by the Chinese government. In addition, on Saturday, the Chinese legislators voted in support of cryptography adoption and have now passed cryptography law for 2020. Bitcoin spiked on Friday and continued on Saturday before it finally retraced to $8,800.
Bitcoin price prediction October 28 update
Currently, Bitcoin is priced at $9,400 after it returned upside on Sunday. The price has been sluggish on Monday. However, at the end of the current dip, the Bitcoin price should return further upside. Price is just at the base of the July-September $9,100-$12,300 triangle range. The next surge should take it to $12,300 before the $13,900 high.
From $13,900, we have been identifying a double zigzag with wave Y (circled) ending at $7,300-7,400 (61.8% Fibonacci projection) or $5,500-6,000 (100% Fibonacci projection). We expected a bullish response at any of these zones although the base of the channel gave the latter more advantage as we revealed in the last update. Eventually, the bulls have responded at the first zone with a break away from the roof of the corrective channel. By identifying $7,300 as the reversal level, we should expect Bitcoin to make a bullish impulse wave advance above $13,900.