On October 10, the trading price of Bitcoin showed no significant movement. It is worth mentioning that many expert traders had predicted the same thing about Bitcoin in the first place.
According to several expert traders, the trading price of Bitcoin may demonstrate no significant volatility until October 12. It seems that the rest of the investors seem to have considered those when investing money in Bitcoin.
So far, Bitcoin’s volatility has been unchanged, which could mean that investors are the main drivers behind the price of digital assets.
As the prediction seems to have been close to the mark so far, it can be safely said that the volatility may hit Bitcoin exactly on October 12. This would result in causing great fluctuations in the trading price of BTC, bringing it back into the business.
Current Price Action of Bitcoin
The data shows that the trading price of Bitcoin now is worth around $19,300. The price of Bitcoin did not even fall below the $19,000 benchmark.
In the past week, the only level Bitcoin has retested is $19,000 and it has then climbed to $19,300. This is also a positive sign for Bitcoin and an indication that a massive rally or volatility may be underway for Bitcoin.
Economic Data to Trigger a Major Jump or Slide
The major factor that may influence the price of Bitcoin would be the release of the economic data on Wednesday.
If the economic data were in favor of Bitcoin, then the Feds would lower the interest rates, which would eventually pull the trading price of the USD.
This would mean that a strong rally would form in favor of Bitcoin, supported by the lowering trading price of the greenback.
In that case, the trading price of Bitcoin may continue surging, making it highly volatile, and favorable for investors.
Bitcoin Price to Make a Tremendous Move
Given the current circumstances and performance of Bitcoin in the past months, the digital asset is badly in need of a strong rally.
The upcoming data release would be the opportunity that would help push Bitcoin’s price way much higher than its current trading price.
MicroStrategy, a major business intelligence firm from the United States, which is a pro in the adoption of Bitcoin may also inject a major rally.
The company is also working on offering an infrastructure for the Lightning Network, which is the layer-2 solution for Bitcoin.
Bitcoin’s Movement up to $23,000
If things end up going in favor of Bitcoin and a strong rally is witnessed, Bitcoin’s price may surge over $20,000.
If the bears stop interfering and let the price of Bitcoin grow stronger, then Bitcoin would be able to rise up to a high of $23,000.
