Bitcoin made a bullish move leading up to the September 27 Wall Street opening, with one analyst predicting a potential return to $30,000 in October.
BTC Price Approaches $27,000 with Bullish Momentum
Bitcoin’s price action saw a 2% increase, pushing it to nearly weekly highs, reaching $26,823 on Bitstamp. Market observers are closely monitoring the situation, as thin overhead resistance suggests a potential breakout if not replenished.
BTC/USD 1-hour chart. Source: TradingView
Market Analysts Anticipate Opportunities and Inefficiencies
Market analyst Skew noted that the thin ask liquidity could lead to opportunities with inefficiencies and potential premiums later. The current environment offers potential for favorable trading conditions.
Uptick in Activity from Influential Whale Class
On-chain monitoring tool Material Indicators highlighted an increase in activity from a specific class of whales known for their impact on BTC price movements. The move above $26,500 invalidated a previous warning signal triggered by a daily chart “death cross” earlier in the week.
BTC/USD annotated chart. Source: Michaël van de Poppe/X
Analyst Predicts $30,000 Target in October
Market analyst Michaël van de Poppe expressed optimism, stating that a move to $26,500 could pave the way for a potential rally to $30,000 in October. This target reflects a positive outlook for Bitcoin’s price performance in the coming weeks.
Modest Short Liquidations Despite Volatility
Data from CoinGlass revealed that short liquidations remained modest, with approximately $13 million in BTC shorts liquidated for the day. The overall cryptocurrency market also saw relatively modest liquidations, totaling $39 million.
Crypto liquidations chart (screenshot). Source: CoinGlass
As of the time of writing, BTC/USD was trading at around $26,700, demonstrating ongoing price volatility in the cryptocurrency market.