{"id":13816,"date":"2023-10-27T16:01:58","date_gmt":"2023-10-27T16:01:58","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=13816"},"modified":"2023-10-27T16:02:00","modified_gmt":"2023-10-27T16:02:00","slug":"bitcoin-beats-sp-500-in-october-as-40k-btc-price-predictions-flow-in","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13816","title":{"rendered":"Bitcoin beats S&#038;P 500 in October as $40K BTC price predictions flow in"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) surfed $34,000 at the Oct. 27 Wall Street open as attention turned to BTC price performance against macro assets.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Bitcoin range faces weekly, monthly close<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD holding steady, preserving its early-week gains.<\/p>\n<p>The largest cryptocurrency avoided significant volatility as the weekly and monthly closes \u2014 a key moment for the October uptrend \u2014 drew ever nearer.<\/p>\n<p>\u201cI think Bitcoin will hang around this range for some time,\u201d popular trader Daan Crypto Trades told X subscribers in one of several posts on the day. <\/p>\n<p>\u201cRoughly $33-35K is what I&#8217;m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade.\u201d<em>BTC\/USD annotated chart. Source: Daan Crypto Trades\/X<\/em><\/p>\n<p>Daan nonetheless noted that open interest (OI) had recovered near levels last seen before the sudden uptick, which sent Bitcoin to 17-month highs. As Cointelegraph reported, open interest highs had formed a feature of BTC price \u201csqueezes\u201d during prior weeks.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin Open Interest on Bybit has almost recovered to the level before the massive short squeeze this week.<\/p>\n<p>During that squeeze, we saw a 21% decrease in Open Interest on Bybit which was worth ~$450M pic.twitter.com\/YbCM6XWZHW<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) October 27, 2023<\/p>\n<p>Elsewhere, on-chain monitoring resource Material Indicators flagged a downside signal on one of its proprietary trading instruments.<\/p>\n<p>With two such daily signals in place, Material Indicators said that only a move to $38,850 would \u201cinvalidate\u201d the bearish implication.<\/p>\n<p>\u201cThat doesn\u2019t mean we can\u2019t go there before the Monthly candle close,\u201d part of X commentary reasoned.<\/p>\n<p lang=\"en\" dir=\"ltr\">Trend Precognition continues to show the way.<\/p>\n<p>For me, a move above $34,850 invalidates on the D chart. That doesn\u2019t mean we can\u2019t go there before the Monthly candle close.<\/p>\n<p>If you want to get these #TradingSignals when they are actionable, subscribe.<\/p>\n<p>Get the tools. Gain the\u2026 pic.twitter.com\/bpOomEv5Tq<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) October 27, 2023<\/p>\n<h2>Analysis: &#8220;Plenty of fuel&#8221; to send BTC price to $40,000<\/h2>\n<p>More optimistic perspectives came from macroeconomic comparisons.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains \u2014 Research<\/em><\/strong><\/p>\n<p>Popular social media trader Kaleo noted that Bitcoin had outperformed the S&amp;P 500 considerably since September, with the odds of continued BTC price upside still good as a result.<\/p>\n<p>\u201cOver the course of the past month, we&#8217;ve finally seen \u2018the bullish decoupling\u2019 for BTC from equities that everyone was waiting for,\u201d he wrote in part of the day\u2019s commentary. <\/p>\n<p>\u201cWhile BTC is up only 36% vs USD from the September lows, BTC is up 48% vs. SPX.\u201d <em>BTC\/USD vs. S&amp;P 500 annotated chart. Source: Kaleo\/X<\/em><\/p>\n<p>An accompanying chart showed BTC\/USD versus the S&amp;P500, with key recent events in Bitcoin\u2019s history marked. Kaleo argued that there was \u201cplenty of fuel left in the tank for a move higher to $40K.\u201d<\/p>\n<p>Others focused on the significance of recent resistance levels being within days of flipping to weekly and monthly support.<\/p>\n<p>\u201cNot sure how anyone could look at this Bitcoin chart objectively and conclude that breaking through $32k is no big deal,\u201d crypto and macro analyst Matthew Hyland argued.<\/p>\n<p>Hyland suggested that bears had few options left open. <\/p>\n<p>\u201cThe last line of hope for them is the weekly &amp; monthly closing below,\u201d he concluded.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-beats-sp500-october-40k-btc-price-predictions\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) surfed $34,000 at the Oct. 27 Wall Street open as attention turned to BTC price performance against macro assets. BTC\/USD 1-hour chart. Source: TradingView Bitcoin range faces weekly, monthly close Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD holding steady, preserving its early-week gains. The largest cryptocurrency avoided significant volatility as the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13816"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13816\/revisions"}],"predecessor-version":[{"id":13818,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13816\/revisions\/13818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13817"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}