Bitcoin cryptocurrency is predicted to grow by 9% in October

The cryptocurrency price forecasting algorithm on the CoinCodex analytical platform has released the expected price of the flagship digital asset for October. According to the CoinCodex forecast, bitcoin will reach $ 28,435 by October 13, 2023. This suggests that BTC $56,457.80 Bitcoin -2.47% Market capitalization $1.11 trillion VOL. 24 hours $4.48 billion could grow by almost 9% from its current price.

In addition to the 30-day forecast, the algorithm predicted the value of CTS in other time periods. Thus, CoinCodex expects bitcoin to reach a new high of $ 31,139 by September 30, which means a potential short-term increase of 20%. However, by October 31, the market leader may fall to $ 27,205.

Popular crypto trader and analyst CrypNuevo has warned users that bitcoin may be preparing to rise to $ 27,000. However, if his predictions come true, this rally will be only a short-term rise before a significant liquidation, which could lead to a drop in the BTC price to $ 23,000, CrypNuevo is convinced.

Earlier this week, BTC fell below $ 25,000 for the first time in 3 months. This happened amid rumors that the notorious FTX exchange plans to start selling digital assets as part of bankruptcy proceedings. The previous drop in bitcoin occurred after BlackRock filed an application to register a spot bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on BlackRock’s application, as well as similar applications from other companies, but the SEC will have to return to this issue after a court ruling that called the Commission’s refusal unlawful.