Bitcoin registered an average closing price of $58,051 in October last year. It enters the first day of the same month this year with much less value, trading at $19,358 as of this writing, according to tracking from CoinGecko.
- Bitcoin is currently trading above the $19,000 mark
- In October 2021, Bitcoin traded above the $60K mark for 16 consecutive days
- Bitcoin aims to regain the $20,000 level
But even with that big value difference, some experts believe the first cryptocurrency could be on the verge of a significant price move as it enters October – a month considered “auspicious” for the asset.
After all, it was in this month last year that Bitcoin achieved one of its highest prices before reaching its peak in November 2021 when it briefly traded at over $68,000.
On October 20, 2021, the digital asset closed at $66,109. It was priced above the $60K mark for 16 straight days starting on October 15th.
In light of this, it’s safe to say that Kitco News Analyst Jim Wyckoff was on to something when he said that the crypto is likely to make noticeable jumps in value this month.
Bitcoin Volatility Decreases
The US dollar is currently running amok, dominating some of its fellow global fiat currencies. It performed strongly against the British pound, the euro, the Japanese yen, the Canadian dollar and the Swedish krona.
This level of dominance shown by the dollar has made crypto forerunner Bitcoin stand out as an alternative, viable hedge.
That development, according to Wyckoff, has stabilized the price of Bitcoin as it tries to maintain the $19,000 level before making a big price move.
However, the predictions are still far from what the digital asset achieved in October last year.
Target: Recover $20,000 level
Bitcoin had a dismal month of September this year, only hitting a high of just around $20,000.
This month, crypto trading expert Michael Van de Poppe said that the largest cryptocurrency by market capitalization could be looking at a price of $19,600, provided it can hold on to the $19,300 level.
But the crypto community sounds more optimistic, saying Bitcoin could end October 2022 with a value of $22,857.
The digital asset can achieve this if it becomes successful in its quest to exit the bear market and somehow start a bullish rally.
For now, Bitcoin is focusing on regaining the $20,000 level as it has had trouble climbing and staying there.
BTCUSD pair still working to reach $20K level, trading at $19,304 on the weekend chart | Source: TradingView.com Featured image from CNBC, Chart: TradingView.com