Bitcoin has been making waves in the cryptocurrency market recently, with speculation that the leading cryptocurrency could reach $28,435 by mid-October.
Recent predictions suggest that Bitcoin could be worth $28,435 by mid-October, a projected gain of 9%.
Combined with the latest non-farm payrolls (NFP) data released on Friday, this optimistic forecast is even more credible.
Better-than-expected non-farm payrolls report fuels potential gains for Bitcoin
The numbers beat expectations, with the employment sector adding a staggering 336,000 jobs compared to forecasts of 171,000 jobs, a significant improvement on last month's revised figure of 227,000 jobs.
In addition, although average hourly earnings increased slightly by 0.2% month-on-month, which was the same as last month, it was slightly lower than the 0.3% expected.
The unemployment rate held steady at 3.8%, slightly above expectations of 3.7%.
Investors are keeping a close eye on macroeconomic and cryptocurrency-specific factors as Bitcoin's potential rise in the coming weeks generates interest.
Bitcoin price
As of October 7, Bitcoin (BTC/USD) is trading at $27,922, up nearly 2% in the past 24 hours and a commendable 4% gain over the past week.
The recent price gains coincide with massive 24-hour trading volumes of over $13 billion, cementing Bitcoin’s dominance in the cryptocurrency market.
Bitcoin currently ranks No. 1, with a real-time market capitalization of approximately $544 billion, according to CoinMarketCap.
The current circulating supply is 19,506,306 BTC coins, which is close to the maximum supply limit of 21,000,000 BTC coins.
Bitcoin Price Prediction
From a technical perspective, key price levels emerge when evaluating the 4-hour time frame. The pivot point is located at $27,334. Bitcoin may soon face immediate resistance at $28,435, followed by $28,715 and $29,421.
Bitcoin, on the other hand, has immediate support at $26,649 and if bearish pressure intensifies, the asset could fall further back to $25,323 or even as low as $24,556.
Digging deeper into the technical indicators, the Relative Strength Index (RSI) currently sits at 60, indicating that bullish sentiment is dominant.
This divergence usually signals potential upward momentum. Additionally, Bitcoin’s price has surpassed its 50-day exponential moving average (EMA) at $27,444, further supporting the bullish trend.
A symmetrical triangle pattern breakout was observed at the $27,000 level. This pattern is often considered a continuation pattern, suggesting that Bitcoin maintains its upward trajectory.
The bullish bias remains prevalent, especially given the breakout of this triangle pattern. The asset has continued to close outside the triangle and its position is above the 50 EMA, reinforcing the current bullish narrative.
Bitcoin is currently showing a bullish trend and its future prospects look promising, especially if the cryptocurrency can stay above the $27,445 mark.
If the bullish momentum continues, we have every reason to believe that Bitcoin will soon test immediate resistance at $28,435 in the coming days.
All in all, all signs point to a surge in Bitcoin prices that could reach the speculated $28,435 by mid-October.
As always, investors and traders are advised to conduct research and exercise caution when making investment decisions.