Bitcoin (BTC) has been on a small rollercoaster ride in recent days, trading above and below the $26,000 threshold several times. This uninspiring performance highlighted the challenges BTC is facing to make a significant breakthrough after dropping more than 10% in the past month.

However, one prognosis forecasts a rebound in BTC’s price in the coming weeks, indicating potential signs of much-needed optimism. 

Specifically, Bitcoin is projected to reach $28,435 by October 13, 2023, signaling that the world’s largest cryptocurrency could witness a surge of nearly 9% from its current price, according to September 13 data displayed by the price prediction algorithm at the crypto analytics platform CoinCodex.

CoinCodex’s 1-month BTC price prediction. Source: CoinCodex

BTC price projections

Apart from a 30-day projection, the platform offered interesting price estimates for several other timeframes. For instance, CoinCodex anticipates Bitcoin to reach a new high of $31,139 by September 30, implying a potential short-term upside of around 20%. On the other hand, as of October 31, 2023, the cryptocurrency could slip back to $27,205, which is still 4% higher than its current price. 

CoinCodex’s 3-month prediction chart. Source: CoinCodex

Bitcoin price analysis

At the time of publication, Bitcoin was changing hands at $26,151, up 0.32% on the day.

The maiden crypto asset rose around 0.8% over the past 5 days while losing more than 10.8% on the monthly chart, erasing over $65 billion off its market cap.

BTC 1-month price chart. Source: Finbold

During this 30-day period, BTC witnessed only 11 green days, or 37%. As a result of its bearish performance, the fear & greed index is sitting at 41/100, indicating a ‘fear’ sentiment currently.

Bitcoin Fear & Greed index. Source: CoinCodex

Crypto trader warns of huge BTC decline to $23,000

Meanwhile, a popular X (formerly Twitter) crypto trader and analyst, CrypNuevo, warned that Bitcoin may be bracing for a short squeeze rally to $27,000 in the coming days. 

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However, if his predictions come to fruition, the rally would mark only a short-term pump before a significant liquidation event that could push BTC prices to as low as $23,000. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post Bitcoin price forecast for September-October 2023 appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.