The cryptocurrency market is witnessing exciting developments, especially with assets such as Bitcoin and the Manta Network. Bitcoin has crossed an important psychological threshold by reaching $65,000 since August, and has the potential to reach $80,000 in October. During the same period, the Manta Network is also expected to see a significant increase; estimates suggest that its price could increase by 232.07% by October 27, 2024, reaching $3.18.
Bitcoin: Will It Reach $80,000 in October?
The rise in Bitcoin price is based on several positive macroeconomic factors:
Macro Factors: The Federal Reserve's interest rate cut has investors moving into riskier assets, which is supporting the rise of $BTC .
Support from China: The interest rate cuts and incentive policies implemented by the Peopleâs Bank of China are contributing to the rise of BTC. These economic incentives could lead to #Bitcoin targeting $100,000.
US Economy: US GDP and jobless claims show the economy is robust, increasing the likelihood of further rate cuts from #Fed .
Increased Liquidity: More liquidity is expected to enter the Bitcoin ecosystem in October, which could contribute to a price increase.
Historically, October is generally a profitable month for Bitcoin, with analyst Jelle noting that once the $65,000 resistance level is broken, #BTC is likely to reach $80,000.
Manta Network: Expectations of Rise to $3
$MANTA Network has been a crypto asset that has been gaining attention lately. According to current price predictions, its price is expected to reach $3.18 by October 27, 2024, with an increase of 232.07%.
General Sentiment and Technical Indicators
According to data as of September 27, 2024, the overall price forecast sentiment for Manta Network is neutral. 19 technical analysis indicators are giving bullish signals, while 7 are giving bearish signals. This shows that investors are at an indecisive point.
Short-Term Price Targets
Technical analysis predicts that Manta Networkâs 200-day Simple Moving Average (SMA) will decline over the coming month, which is expected to reach $1.44427 by October 27, 2024. The short-term 50-day SMA is forecasted to rise to $1.451778.
Relative Strength Index (RSI) Analysis
Manta Networkâs RSI is currently at 72.33, which suggests that the market is overbought. Overbought is a sign that the price could continue higher but is also at risk of a correction.
Conclusion
While Bitcoinâs potential to reach $80,000 in October seems quite strong, Manta Network is also expected to rise to $3. However, considering the overbought situations in both assets, it is important for investors to be careful and analyze the market dynamics well. While the cryptocurrency market offers an environment full of uncertainties, it may be possible to take advantage of these opportunities with the right strategies.
