On Monday, October 2, the price of the first cryptocurrency rose above $28,000. In the last 24 hours, the asset climbed 3.5%, according to CoinGecko.
At the time of writing, the price is attempting to hold above the level.
Bitcoin closed September on a positive note, despite the broader negative trend, rising 3.9%.
Following the flagship into the green zone were assets from the top-10 by market capitalization. The standout is Solana (SOL) — up 14% over the last 24 hours.
Total market capitalization of the cryptocurrency market is $1.15 trillion (+2.6%). Bitcoin dominance index stood at 47.4%, ETH at 18%.
Some members of the crypto community noted a breakout of a psychological level. According to one X user, the next move would be a rise to $31,000.
#BTC Breakout is Done as Expected✍️
Now,send to +31K? pic.twitter.com/GbSpRWNfxh
— JONES RANDY (@joneseugeneb) October 2, 2023
Trader Michaël van de Poppe allowed for the possibility of two retests on the lower bounds of $27,000–$27,500.
#Bitcoin back up to $28,400.
From here, it seems like buying the dip is the game.
I’m assuming that we’ll see some retests on lower boundaries at $27,000-27,500 before we’ll continue, but breaking $30,000 opens the gates to $40,000 really fast.
— Michaël van de Poppe (@CryptoMichNL) October 2, 2023
«[…] but a breakout of $30,000 opens the gates to $40,000 very quickly,» wrote the trader.
Earlier, Bitfinex recorded signs of a renewed bullish trend. In their view, this is indicated by the behaviour of long-term Bitcoin holders.
However, QCP Capital analysts held a bearish stance on digital gold for the fourth quarter. As an October price reference they named $22,000. The scenario would be invalidated if a breakout above $32,000 occurs.
In August, the $20,000 level was named by BitMEX co-founder Arthur Hayes. In his view, the first cryptocurrency could move lower with a subsequent new bullish impulse. However, a month later he pointed to positive prospects for digital gold despite the policy of the Federal Reserve System of the United States.
Earlier, the founder of Edelman Financial Engines Rick Edelman forecast the price of the first cryptocurrency to $150,000 by the summer of 2025.