The cryptocurrency market is entering an eventful period, with prices experiencing wild swings over the past few weeks.
Major cryptocurrencies such as Bitcoin, Ethereum, and XRP may experience instability that changes their value.
This article will predict the prices of these three cryptocurrencies and introduce a new altcoin that has the potential to break out in October.
Bitcoin faces $28,000 resistance but could move higher
First up is Bitcoin (BTC), which has had a strong 2023, gaining 65% year to date (YTD).
As of this writing, Bitcoin is trading at $27.4880 and appears to be forming higher highs and lower highs on the daily price chart – indicating a strong uptrend.
However, this uptrend could be challenged when BTC refused to break out of the $28,000 resistance area on Oct. 2.
This resistance zone was also tested on August 29, showing itself to be a significant barrier to Bitcoin’s upward momentum.
The good news for Bitcoin bulls is that the price has not yet reacted strongly to this level, which means that the current price drop is likely to be temporary.
BTC price has been moving sideways on the daily chart over the past day, but zooming in to the 4-hour timeframe shows that bullish momentum may continue in a smaller range.
This suggests that Bitcoin might test the $28,000 level again in the near term.
Changelly’s cryptocurrency experts say that the average Bitcoin price in October is $30,633, and the lowest price is expected to be $26,966.
This was backed up by an analyst on Binance Feed, who said Bitcoin would need to break $28,500 to reach $30,000 by the end of the month.
If Bitcoin achieves this target, it will be up 8.80% from its current price.
Ethereum ETF launch fails to generate excitement as ETH faces downward price pressure
October could be an exciting month for Ethereum (ETH) thanks to the recent launch of nine ETH futures ETFs. These ETFs are a tool for institutional investors to safely and efficiently participate in the cryptocurrency market.
However, on their first day of trading, these ETFs did not attract much volume, but that could change as more institutional investors become interested in them.
Unfortunately, the launch of the futures ETF has not had a positive impact on the price of ETH, with the token down 6% from its Sunday high. This is bad news for ETH supporters, as they expect the ETF to bring huge buying pressure to the token.
ETH is currently trading around $1,647 and it has broken the $1,650 minor support area.
Analysts at AMBCrypto previously predicted an average Ethereum price of $2,190 in 2023 – suggesting that Ethereum could have significant upside potential in the coming weeks if their prediction is correct.
This view was reinforced by YouTube analyst Crypto World, who told his 139,000 viewers that ETH could return to $1,740 if the price rebounds from current levels.
ETH has closed lower for two consecutive days, struggling to maintain its upward momentum, and this trend may continue.
ETH is still up 37% year to date, but trading volume has dropped 27% over the past day, suggesting that investor sentiment toward the token may be weakening. This will affect ETH's prospects in October, when ETH will need to break through $1,740 to resume its uptrend.
The coming weeks will be a defining moment for ETH as it must prove its resilience and attract more investors.
XRP rebounds after SEC fiasco, but gains won’t last
XRP (XRP) was a notable coin in October as new developments emerged in the legal battle between Ripple Labs and the SEC.
On October 3, the SEC requested an appeal of the July ruling in favor of Ripple Labs, but was rejected by Judge Analisa Torres. This is an important victory for Ripple Labs as they can continue to operate and develop the XRP token.
Although there are still many issues to be resolved for the April 2024 trial, Ripple Labs may be more confident about its future.
News of Ripple Labs’ announcement of a legal victory against the U.S. Securities and Exchange Commission (SEC) did little to change the price of XRP, with the token rising only about 7% following the news.
However, XRP gave back some of its gains and failed to overcome the $0.540 resistance level.
Even so, many in the cryptocurrency community still believe in XRP’s future potential.
XRP Whale, a cryptocurrency commentator on Twitter, asked his followers, “Who’s ready for $5?” to show confidence in XRP’s upside potential. This was also shared by NCashOfficial, who posted a YouTube video saying that XRP could reach $25 to $45 in the next few years.
However, these bullish price predictions may be too optimistic as XRP is still struggling to maintain its upward momentum. XRP lost some of its gains after failing to break above the $0.540 resistance level. October may be a quiet month for XRP as the coin needs to find its balance — the most likely target price is $0.065.
What other cryptocurrencies could rise in October?
While Bitcoin, Ethereum, and Ripple may be the three most watched cryptocurrencies this month, other altcoins may also see growth.
One altcoin that has gained attention in this regard is Bitcoin Minetrix, which has raised over $540,000 in its ongoing presale.
