Bitcoin News and Forecast for October 14, 2023
Date: 2023-10-14 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Bitcoin Holds Steady Amidst Market Fluctuations
Bitcoin has shown neither significant upward nor downward trends in recent days. Currently, it seems unlikely that the price of Bitcoin will surge until catalysts such as the approval of spot Bitcoin ETFs come into play.
Cryptocurrency markets have stabilized over the past 24 hours after almost a week of declines. Ongoing geopolitical conflicts have put pressure on the prices of riskier assets. The duration of Bitcoin's consolidation coincides with a sharp decrease in its deposits, withdrawals, and overall transaction volume.
From a technical perspective, Bitcoin is expected to recover to $28,000 after showing signs of stabilization at the $26,750 level. The short-term growth forecast is based solely on BTC price fluctuations within the prevailing ascending triangle.
A bounce from the current support area could potentially drive Bitcoin's price up to $36,000 by the end of 2023 or early 2024.
Global Market Conditions and Their Impact on Bitcoin Forecast
Stocks opened with gains as major US banks reported optimistic earnings, although the developing conflict in the Middle East has made investors cautious.
The Dow Jones Industrial Average gained about 0.6%, or approximately 200 points, while the S&P 500 added nearly 0.5%. The tech-heavy Nasdaq Composite lagged behind, rising by approximately 0.2%.
As for commodities, oil prices surged due to concerns about the Middle East and the US tightening sanctions on oil sales to Russia. Crude oil futures rose by 3.7%, and Brent crude futures increased by 3.6%. High inflation, rising yields, and a declining stock market are negatively affecting consumer sentiment toward the current state of the US economy.
Bitcoin Price Forecast in the Near Future
Overall, it is likely that the price of Bitcoin will remain within its current range. The next Bitcoin price forecast suggests that Bitcoin's price will range from $26,000 to $27,200 in the near future. Unless unexpected events occur in the market, the Bitcoin exchange rate is not expected to undergo significant changes.
