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October is shaping up to be an eventful month for the crypto market, with prices showing increased volatility in recent weeks.
Major cryptocurrencies like Bitcoin, Ethereum, and XRP could face uncertain conditions that could significantly impact their value.
This article will provide price predictions for these three cryptos before highlighting one brand-new altcoin that could be poised to surge in October.
Bitcoin Faces Resistance at $28k – But Could Push Higher
First up is Bitcoin (BTC), which has had a wild ride in 2023 and is up 65% year-to-date (YTD).
At the time of writing, Bitcoin is trading at $27,530 and appears to be forming higher highs and lower highs on the daily price chart – indicating a strong uptrend.
However, this uptrend could be challenged, with BTC rejecting the resistance zone at $28,000 on October 2.
This resistance zone was also tested on August 29, suggesting it is a significant barrier to Bitcoin’s upward momentum.
The good news for BTC bulls is that price has yet to react aggressively to this level, meaning the current pullback may only be temporary.
In the last day, BTC’s price has been trading sideways on the daily chart, yet zooming in to the 4-hour time frame reveals that the bullish momentum may be resuming on a smaller scale.
This hints that Bitcoin could be poised to test $28,000 once more in the near term.
Notably, crypto experts at Changelly expect the average Bitcoin price to be $30,633 in October, with the minimum price forecast at $26.966.
Supporting this is an analyst’s post on the Binance Feed, stating that BTC must settle above $28,500 if it has any chance of hitting $30,000 by the end of the month.
If BTC hits this key threshold, it would represent a gain of 8.80% from today’s price.
Ethereum ETF Launch Fails to Excite as ETH Faces Downside Pressure
Ethereum (ETH) could also be set for an exciting October, mainly due to the recent launch of nine ETH futures ETFs.
Although these ETFs saw muted volume on their first day of trading, this could change as more institutional investors begin to allocate resources to them.
Unfortunately for ETH bulls, the launch of futures ETFs didn’t positively affect the token’s value, which is down 6% since Sunday’s high.
ETH is currently trading around $1,647 and has breached a minor support zone at $1,650.
Analysts from AMBCrypto have previously forecast Ethereum’s average price for 2023 will be $2,190 – which indicates that ETH could be in for significant upside potential in the weeks ahead if their forecast holds true.
This sentiment was reinforced by YouTube analyst Crypto World, who told his audience of 139,000 subscribers that ETH could return to $1,740 if the price bounced from its current level.
However, with ETH having posted two bearish daily closes in a row and heading for a third, this outlook may be challenged sooner rather than later.
ETH is still up 37% YTD, yet trading volume has dropped 27% in the past day, potentially indicating investor sentiment around the token could be waning.
All things considered, the coming weeks will be crucial in determining whether ETH can regain its bullish momentum and head back above $1,740 by the end of October.
XRP Builds Momentum After SEC Rejection, But Gains Prove Short-Lived
Lastly, XRP (XRP) is also a token to watch in October, given the latest news regarding Ripple Labs’ long-running legal battle with the SEC.
On October 3, Judge Analisa Torres denied the SEC’s motion to appeal July’s favorable ruling in what was seen as a major victory for Ripple Labs.
Although Ripple Labs and the SEC will still be going to trial in April 2024 regarding other issues, the momentum appears to be on Ripple Labs’ side.
Surprisingly, this announcement didn’t significantly affect the price of XRP, which only rose around 7% on the news.
XRP has now given back a significant portion of these gains, with price rejecting the minor resistance zone at $0.540.
However, many in the crypto community are still bullish on the token’s prospects.
XRP Whale, a crypto commentator on Twitter, asked his followers, “Who’s ready for $5?” indicating that he believes there’s tremendous upside for XRP.
This sentiment was reinforced by a YouTube video from NCashOfficial, who laid out a pathway for XRP to hit between $25 and $45 in the coming years.
Although these bullish predictions certainly catch the eye, October is likely to be more muted for XRP as the token finds its feet – with a price target of $0.065 being a more likely outcome.
Which Other Cryptos Could Post Gains in October?
Although Bitcoin, Ethereum, and XRP will likely be three of the most talked-about cryptocurrencies this month, other altcoins could be poised for growth.
One altcoin gaining traction in this regard is Bitcoin Minetrix, which has raised over $450,000 during its ongoing presale phase.
Bitcoin Minetrix Presale Builds Momentum as Stake-to-Mine Mechanism Grips Investors
Bitcoin Minetrix (BTCMTX) is an innovative platform that lets users earn Bitcoin through a staking model called “Stake-to-Mine.”
This model allows participation in the crypto mining space without the need for expensive hardware or advanced technical knowledge.
Bitcoin Minetrix’s team is conducting a presale before the project’s official launch, with BTCMTX tokens on offer for $0.011.
The presale will be split into ten stages, each with its own price point – meaning those who invest early will be rewarded with a more favorable rate for acquiring BTCMTX tokens.
Many analysts are bullish on Bitcoin Minetrix’s potential, including YouTuber Michael Wrubel, who highlighted the developers’ comprehensive roadmap as a strong indicator of the project’s long-term success.
Bitcoin Minetrix’s potential is also evidenced by the strong response from the social media community, with hundreds of people following the project’s X (formerly Twitter) account over the past week.
Given that Bitcoin Minetrix solves the major issues plaguing traditional cloud mining systems, like a lack of user control and transparency, it’s no surprise that the project is garnering early attention.
With BTCMTX tokens expected to debut on several major exchanges before the end of the year, Bitcoin Minetrix could be another project worth watching in the near term.
