During the European session, Bitcoin remained bullish, having gained less than 0.5% in the last 24 hours to trade at $20,600. Although October is usually a positive month for Bitcoin, the slow start to the month and continuation into the last week of the month eventually triggered an upward trend.
During the Asian session, the cryptocurrency market took a sharp upward swing, and this negative attitude swiftly evaporated. With Wednesday’s trade coming to a conclusion, BTC’s price had risen above $20,000 for the first time. However, what does rejection at $21,000 imply?
Messina Group CEO Bets Porsche Bitcoin Will Return to $60K
Jim Messina, CEO of consultancy firm The Messina Group, shared his optimistic outlook on cryptocurrencies and Bitcoin in particular on Wednesday (October 26).
On Fox Business, when Bitcoin was trading at around $20,000, the ex-White House deputy chief of staff discussed cryptocurrencies. Messina made the following comments about distributed ledger technology and virtual currencies:
“Look, I think blockchain and crypto is one of the most exciting developments in our lifetime. I think when this is all over, we’re going to be known this generation for Covid and for reimagining our financial system. “I’m incredibly bullish on this. I think it’s good to have a crypto winner, getting rid of some of the BS projects that are out there.“
CNBC reported on 19 September 2022 that Messina “brings some heavy lobbying guidance to a London-based cryptocurrency trading platform as the industry braces for new laws in the US and abroad.”
As a result of the optimistic tweet about Bitcoin’s forecast reaching $60K, we may see a bullish trend in Bitcoin prices.
Bitcoin Price Prediction as BTC Pumps Past $20,500
Bitcoin is currently trading at $20,583, with a 24-hour trading volume of $54 billion. Bitcoin has risen by more than 7% in the last seven days. CoinMarketCap currently holds the top spot, with a live market cap of $395 billion, up from $398 billion during the Asian session.
Bitcoin rises after breaking out of a symmetrical triangle pattern at $19,250. The BTC/USD pair has traded bullishly, breaking through immediate resistance levels of $19,900 and $20,430, as predicted in the Bitcoin price prediction for October 26.
For the time being, it is encountering immediate resistance at $21,000, a level extended by 61.8% Fibonacci retracement. The RSI and MACD are still in a buying zone, indicating a bullish run; similarly, the 50-day moving average indicates buying above $19,600.
Bitcoin’s near-term support is still around $20,400 and $19,900. If the price of Bitcoin breaks through $21,000 today, investors may look to make a purchase.
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Find The Best Price to Buy/Sell Cryptocurrency
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