Bitcoin Expected to Reach $80,400 by End of October

Krown has put out a new forecast calling for Bitcoin to be at $80,400 by October’s end, on the condition it can stay above $82,500. The analyst’s view of the market is informed by present trends and what historical data show.

Consolidation Phase Sets the Stage

For now, Krown says Bitcoin is in a state of consolidation that he does not expect to end until the 40th day of the cycle, about 10 days from now. He is quick to point out there is nothing to be concerned about; such sideways action is a healthy and normal aspect of the cryptocurrency’s behavior. In fact, one should see it as a good thing since it is usually the prelude to the market making a strong move higher and provides a solid base from which to launch the next leg up.

Major Price Levels and Growth Expectations

The crux of Krown’s thesis is that if the $82,500 support is not breached, the top crypto will hit $80,400 before the month is out. Holding this level could see returns of 20% when the growth phase sets in, a marked change from the 3 percent average at present. Even if Bitcoin were to slip under $82,500, the analyst does not rule out a solid rally to $80,000. It is a somewhat less optimistic prospect but in line with his assessment that the market structure is bullish as long as key levels are maintained.

Outlook Grounded in Historical Patterns

Drawing on past price behavior and the dynamics of the market, Krown has seen these types of consolidation give way to sizeable gains on more than one occasion. His advice to investors is to be patient and adopt a wait-and-see attitude while the phase runs its course, and to refrain from any major moves until the path to the next stage of growth is more evident.

This article reflects the channel author’s opinion and is not investment advice.