Bitcoin price prediction October 2022

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The crypto community is quite positive at the beginning of the month of October. First, there is growing conviction that because the last three months of the year have historically been bullish for both crypto and equities, this will be the case again.

Secondly, the market is becoming convinced that the US dollar will correct, which would be very good for Bitcoin.

Currency strength over the last year: pic.twitter.com/xlewDN9I4z

— TradingView (@tradingview) September 28, 2022

Sideways

Although stock markets set new lows for the year in September, Bitcoin continued to trade within a broad trading range which has support around $17,600 and resistance around $24,900. Even though there is volatility within this range, Bitcoin moves quite predictably. The rather negative bottoms forecasted for the end of September have not been met, Bitcoin kept moving cleanly back towards $20,000 whenever it risked falling further.

The risk of a downward breakthrough however remains high and depends on macroeconomic indicators that are beyond the control of the crypto market (read the war in Ukraine and energy prices).

$DXY

CryptoMich, famed Dutch analyst Michael van de Poppe, said yesterday that it really all depends on what the US dollar index (which is traded under the moniker $DXY) does in the coming days and weeks.

Update on #Bitcoin.

It’s holding the level at $19.3K and showing continuation.

If GDP is going to be worse today, probably volatility will kick in and $DXY goes down, resulting into $BTC running to $20K.

Seems likely if we sustain $19.3K. pic.twitter.com/MRoCJooZ2I

— Michaël van de Poppe (@CryptoMichNL) September 29, 2022

Michaël stated:

Update on #Bitcoin. It’s holding the level at $19.3K and showing continuation. If GDP is going to be worse today, probably volatility will kick in and $DXY goes down, resulting into $BTC running to $20K. Seems likely if we sustain $19.3K.

Michael’s strategy is in line with what other well-known US analysts also think. It’s time for a long trade Bitcoin, short trade $DXY. If successful, we are looking at $24,000 Bitcoin by the end of October, he believes.

The breakout from last night consisted of a ton of spot volume on #Bitcoin.

It depends on the indices today, but it looks like we’ll be able to look towards $23K for some relief, at least.

Time to long $BTC.
Time to short $DXY.

Probably that type of period.

— Michaël van de Poppe (@CryptoMichNL) September 27, 2022