Bitcoin Price Prediction For Q4 – 2023
The post Bitcoin Price Prediction For Q4 – 2023 appeared first on Coinpedia Fintech News
As Bitcoin approaches its second decade, experts’ views on its potential price surge are widely divided. The upcoming Bitcoin halving, approximately 230 days away, is expected to impact the ongoing bull market.
Yet, predicting the extent of this surge remains overdue due to limited historical data and evolving regulations. Renowned crypto analyst Jason Pizzino provides his perspective on the matter. While avoiding precise price targets, he indicates the bear market’s end and anticipates Bitcoin surpassing $42,000.
It would be best if you took his advice with a pinch of salt as he further cautions against potential corrections akin to past bear markets. He suggests the possibility of Bitcoin and the S&P 500 experiencing a dip at the start of October before transitioning into a bullish phase. Seems realistic? Let’s take a nosedive on his bear and bull theory.
Analyst’s Bear Strategy on Bitcoin & S&P 500
Pizzino explains that this period in Q3 of 2023 and early Q4 in 2024 might be a prime time for dollar-cost averaging (DCA) into Bitcoin. However, he cautions that there’s still overhead resistance, particularly at the $23,600 level, which is the cycle low to the current first range out.
S&P 500 in Whirlwind
Pizzino also turns his attention to the S&P 500 (SPX) and how it may correlate with Bitcoin’s performance. The S&P 500 remained stable, reflecting concerns about potential Fed interest rate hikes in the last quarter. Federal Reserve Governor Michelle Bowman signaled readiness for further rate hikes if inflation progress falters. The market now wants more evident signs of improved earnings and Fed policy direction before halving. However, all significant indexes reported losses for September and the last quarter.
Key Resistance Levels for Bitcoin
With the halving approaching, uncertainty looms over the market. Analysts offer varied forecasts, and technical indicators offer mixed signals. Regarding short-term movements, Pizzino envisions a positive September for Bitcoin, followed by a swift drop to around $23,630 in October. However, he doesn’t discount the possibility of a higher close at $28,518. To confirm a massive bull market cycle, Bitcoin needs to overcome key resistance levels.
For Bitcoin, Pizzino is closely watching several critical resistance levels. He highlights $28,500 as the tip of an iceberg for a potential consolidation, boosting the hope of further positive moves. Beyond that, key levels include $32,000, $35,000, $38,000, and the psychologically significant $40,000.
Current Market Status
Presently, the S&P 500 is worth 4,288 points. Bitcoin fell 1.5% to $27,522 in 24 hours. If Bitcoin meets its early October promise, it might easily hit $28,000, signaling an upward trend. This follows tech-heavy Nasdaq and S&P 500 gains. Markets are recovering after a last-minute deal prevented a U.S. government shutdown.
