Bitcoin beat the S&P 500 in October when $40K BTC price predictions came in
Bitcoin (BTC) touched $34,000 at the October 27 Wall Street open as focus on macro assets shifted to BTC's price performance.
Bitcoin range is close every week, every month.
Data from Cointelegraph Markets Pro and TradingView show that BTC/USD has held on to gains made earlier in the week.
The biggest cryptocurrency avoided significant volatility as its weekly and monthly closes — a key period for October's advance — were getting closer.
“I think Bitcoin will hang around this range for a while,” noted trader Daan Crypto Trades told X subscribers in one of his many posts on October 27.
“I see around $33-35k as a range. Keep an eye on potential sweepers at any of these levels for a quick trade.
Daan, however, noted that open interest (OI) has finally recovered to the level it was before the sudden upheaval. As Cointelegraph reports, open interest highs have created a “squeezing” behavior in BTC price over the past few weeks.
#Bitcoin Open Interest on Bybit has almost recovered to levels prior to this week's massive short squeeze.
During that squeeze, we saw a 21% drop in open interest on Bybit which was worth ~$450M pic.twitter.com/YbCM6XWZHW
— Dan Crypto Trades (@DanCrypto) October 27, 2023
Elsewhere, an on-chain tracking input material indicators showed a bearish signal on one of its proprietary trading instruments.
With two such daily signals, Material Indicators said that only a move to $38,850 would “nullify” the bullish sentiment.
“That doesn't mean we can't go there before the monthly candle closes,” he said in part in X's commentary.
Trend Precognition continues to lead the way.
To me, a move above $34,850 is worthless on the D chart. Not that we can't go there before the monthly candle closes.
Subscribe to receive these #marketingsignals when they are implemented.
Get the tools. Get… pic.twitter.com/bpOomEv5Tq
— Material Indicators (@MI_Algos) October 27, 2023
Analysis: “Plenty of fuel” to send BTC price to $40,000
A more optimistic outlook comes from macroeconomic comparisons.
RELATED: Bitcoin Resumes 2023 Growth After 26% Uptober BTC Price Gains – Study
Popular social media trader Kaleo has revealed that Bitcoin has outperformed the S&P 500 since September, and the odds are good that BTC prices will continue to rise as a result.
“Over the past month, we've seen a ‘bullish break' from the equity everyone was expecting for BTC,” he wrote in an Oct. 27 commentary.
“BTC is up 36% vs USD from September lows, BTC is up 48% vs SPX.”
The accompanying chart shows BTC/USD versus the S&P 500, with key recent events in Bitcoin history marked. “There's plenty of gas left in the tank to raise it to $40K,” Kaleo argued.
Others have focused on the importance of recent resistance levels being within days of reversals to weekly and monthly support.
“I'm not sure how anyone can actually look at this Bitcoin chart and conclude that a break at $32k isn't a big deal,” argued crypto and macro analyst Matthew Hyland.
Highland pointed out that the Bears have a few options left open.
“The last line of hope for them is the weekly and monthly close,” he said.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
