Bitcoin (BTC) cruised into a new weekly close on Oct. 15 as “ultra boring” trading conditions still offered hope of a $27,000 breakthrough.
“Ultra boring” BTC price may yet surprise at weekly close
Still acting around the key $26,800 mark, Bitcoin denied traders major trajectory cues, while spot markets were quiet.
Typical weekend algos hunting over exposed positions into CME Futures open around 12hrs from now & weekly open tomorrow
Not really any significant flow for this weekend so far, just one spot buyer & perp buyer ~ likely algo pic.twitter.com/z38tKoozK3
— Skew Δ (@52kskew) October 15, 2023
Considering upside potential, Michaël van de Poppe, founder and CEO of MN Trading, argued that there was room for a BTC price trip to $27,800.
“Weekends are ultra boring for trading, especially for Bitcoin,” he told X subscribers on the day.
“Unchanged perspective. Did a double-bottom test at $26,500 and held there. Currently fighting resistance, through which another test of $27,000 should end up with a breakout to $27,800.”
Popular trader and analyst Daan Crypto Trades meanwhile eyed an upcoming weekly candle closing below a “bull market support band” formed of two moving averages.
“Still no convincing close above or below for some weeks now as we trade right around the area,” part of X commentary stated.
Additional analysis predicted volatility picking up toward the end of the day, with the latest CME Group Bitcoin futures closing price at $26,840 an area of interest.
#Bitcoin Pretty straightforward weekend.
— Daan Crypto Trades (@DaanCrypto) October 15, 2023
Bitcoin adoption curve model calls for $27,000 support
$27,000 and beyond also formed a focus as potential longer-term support over the weekend.
This came from Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, who saw the BTC price level gaining importance going forward.
Thanks to the relationship between price and adoption, $27,000 should constitute a form of benchmark which sustains as support around 75% of the time by the end of 2023.
“Bitcoin price spends 75% of its time above its adoption curve. That curve will reach $27,000 in 60 days,” he wrote on X alongside a demonstrative chart.
In August, Peterson predicted a 15% BTC price dip by October, while $100,000 should hit within the next three years.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.