Bitcoin Price Prediction: BTC Surges 5% After Huge Volume Surge – Can BTC Hit $40,000 Soon?

Bitcoin (BTC) broke its downtrend and surged above $27,000 making an impressive comeback after two weeks. However, this increase is due to a legal victory by Grayscale in the United States.

The court ruled in Grayscale’s favor against the Securities and Exchange Commission (SEC). As is well known, the focus of the legal dispute was Grayscale’s efforts to convert its Bitcoin Trust into an Exchange Traded Fund (ETF).

Therefore, the favorable verdict has sparked a fresh wave of optimism among traders and investors, and has pushed prices higher in the crypto market.

According to the latest data, the global crypto market cap has grown by about $50 billion in the past 24 hours, up nearly 4%, to reach about $1.13 trillion.

Bitcoin Conference in Amsterdam and Political Support: Impact on BTC Price

The Bitcoin conference scheduled for October 12-14 in Amsterdam is causing a stir in the crypto industry. The conference features an impressive lineup of speakers, including Adam Beck, Ray Youssef, and Tom van Lamoyen, a well-known crypto advocate from the Netherlands.

The Netherlands is showing a notable enthusiasm for cryptocurrencies, with the central bank approving 36 crypto firms to operate. This signals a positive trend in cryptocurrency adoption and growth.

The global political landscape shows increasing support for cryptocurrencies. Politicians in Liechtenstein and Poland are pushing for full legalization and integration of crypto into public services.

US Senator Cynthia Lummis and Robert F. Kennedy Jr. have also endorsed cryptocurrencies, demonstrating widespread recognition of their potential for financial innovation.

This political support bodes well for the broader adoption and legitimacy of the crypto market. As Kennedy rightly pointed out, cryptocurrency could usher in a new era of financial stability and prosperity.

With increasing political support and a thriving event like Bitcoin Amsterdam, the crypto space is undeniably gaining prominence as a transformative force in the financial world.

Therefore, the news from the Bitcoin Amsterdam conference, the strong presence of crypto advocates and the growing political support for cryptocurrencies could positively influence the price of Bitcoin by boosting confidence and interest in the crypto market.

Support from prominent figures and politicians could fuel the ongoing uptrend in BTC value.

Hashkey Exchange’s Fiat Trading Support: Potential Impact on BTC Price

In Hong Kong, Hashkey Exchange has achieved a significant milestone by allowing investors to trade Bitcoin and Ethereum with fiat money.

This move represents a significant advance in legitimizing the cryptocurrency sector in Hong Kong.

Hashkey Exchange received regulatory approval from the Securities Futures Commission (SFC), allowing it and another exchange to offer cryptocurrency trading to the general public.

Soon, individuals will be able to easily use Hong Kong dollars to buy and sell cryptocurrencies on the platform.

The news that Hashkey Exchange will enable fiat trading for Bitcoin and Ethereum could potentially contribute to increased demand and trading activity.

This positive development could boost Bitcoin’s price as it improves the accessibility and legitimacy of these cryptocurrencies among everyday Hong Kong investors.

Bitcoin Price Prediction

After analyzing the technical aspects of Bitcoin, it becomes clear that Bitcoin has broken out of its previous sideways trading pattern.

The previous range was between $25,400 and $26,800 and bitcoin has already surpassed the upper resistance.

The current trend is extremely positive according to the leading oscillators like Moving Average (MA), Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI).

The 50-day exponential moving average (EMA) stands around $26,250 and the upside momentum remains strong.

Bitcoin price chart – Source: Tradingview

A possible bullish breakout above 26,800 could propel Bitcoin towards the 28,600 level. Aside from bitcoin, it’s worth keeping an eye on the top 15 currencies likely to make waves in 2023.

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Cryptocurrency Price Tracker – Source: Cryptonews

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