CryptoKaleo trader tweeted “Uptober is backto his half-million followers as the price of bitcoin surged above $19,500 today – rising on the weekly and monthly open.
For most of October, the monthly candle was red – last week’s candle closed in the red, and most of this week has seen Bitcoin price trading below the weekly open – around $19,250.
Once this weekly threshold has been reached, bitcoin price skyrocketed to also reach the monthly threshold – just above $19,400.
Bitcoin price prediction by CryptoKaleo
CryptoKaleo showed up optimistic about the possibility of bitcoin regaining the $28,000-$30,000 level dropped in June, amid confusion over the Celsius liquidation, the Three Arrows Capital debacle and the “crypto contagion” that saw bitcoin’s price crash to an annual low of $17,500 June 18.
On September 4, @CryptoKaleo tweeted”28K sooner than you think“.
While this bitcoin price prediction has yet to come true, he repeated this week, “I still believe the bottom is there,” based on the all-time high of the last cryptocurrency bull run from the top. of the previous bull cycle.
His historical bitcoin price chart above (an inverted chart) compares the distribution cycle of 2018, and the accumulation cycle that followed, based on how long bitcoin price has been around the $20,000 level. It is currently around 132 days.
CryptoKaleo predicts that a rise in the price of bitcoin is “imminent“.
Investors are in favor of a long bitcoin position on Discord
The analysts of Discord server Jacob Crypto Bury also have taken a long position in bitcoin earlier in the day when the weekly opening price was recovered and sentiment turned bullish on Twitter.
Bitcoin price then moved back above the monthly open within a five-minute candle.
As we go to press, bitcoin price hit an intraday high of $19,695which is not far from the forecast of $20,000 made by Elon Musk at the beginning of the month, shortly before the publication of the CPI.
The weekly close is 30 minutes away – if it closes in the green, it could be a signal indicating a possible upward progression for Bitcoinand see a general rally for cryptocurrency prices.
Update – the weekly candle closed in the green, at $19,570 on Binance, and above the October monthly open.
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Market Analysis in the Green – ‘Uptober is Back’ According to CryptoKaleo’s Bitcoin Price Prediction
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