Oct 15, 2023

Exploring the Volatility of Bitcoin as it Nears the $27K Mark

Crypto traders eye weekly close volatility with Bitcoin price at $27K on radar.
Bitcoin traders eye weekly close volatility with $27K BTC price on radar


Bitcoin (BTC)

market has been “ultra boring” recently, but traders remain hopeful that it will break through the $27,000 mark. With the weekly close on Oct. 15, the crypto world is abuzz with news on the

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“Ultra boring” BTC price may yet surprise at weekly close

Data from Cointelegraph Markets Pro and TradingView showed a lack of movement in the Bitcoin (BTC) price over the weekend, with no major changes ahead of the close.

The price of BTC stayed around the critical $26,800 mark, leaving traders without any clear direction. However, MN Trading founder and CEO Michaël van de Poppe suggested that there was potential for the price to reach $27,800.

“Weekends are ultra boring for trading, especially for Bitcoin,” he said to X subscribers.

Daan Crypto Trades, a popular trader and analyst, pointed to the weekly candle closing below a “bull market support band” of two moving averages. “Still no convincing close above or below for some weeks now as we trade right around the area,” X commented.

In addition, analysis suggested that volatility could increase before the end of the day, with the CME Group Bitcoin futures closing price at $26,840 being an important factor.

Bitcoin adoption curve model calls for $27,000 support

The $27,000 mark and beyond have become a focus as potential longer-term support for the crypto market over the weekend.

Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, noted the importance of this BTC price level in the future.

According to his prediction, the adoption curve of Bitcoin should reach $27,000 within 60 days and the price should remain above it 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 said on the best crypto app, Crypto.com.

In August, Peterson predicted that the BTC price would dip 15% by October and reach $100,000 within the next three years.

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