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Bitcoin breakout: why some analysts think BTC could hit $30k in the next two weeks

By Alara Jordan

Edited by Charlie Mellor

12:02, 26 October 2022

Representation of a golden bitcoin surrounded by crypto
Bitcoin has displayed a bullish sentiment prompting analysts to wonder if BTC will continue to rise – Photo: Shutterstock

Bitcoin (BTC), the largest cryptocurrency by market capitalisation, surged by more than 5% in the last 24 hours as it pushed past its resistence level to trade around the $20,600 mark.

BTC enjoyed a short upward trend on 25 October, which saw the price increase from $19,280 to $20,240, before surging even higher to hit highs of $20,677.

Bitcoin’s rally signalled a bullish sentiment that left analysts wondering whether the cryptocurrency will continue to rise in price. 

The global crypto market cap also bounced back above the $1trn mark, up 6.9% in the last 24 hours at $1.02trn, as per data from CoinGecko.

Ethereum rises by 10%

Other cryptocurrencies also enjoyed a day in the green, with ether (ETH) up more than 10% over the past 24 hours. At the time of writing, ETH was changing hands at $1,527, an increase of 13.3% in the past 24 hours.

The price of dogecoin (DOGE) also witnessed a short rally on 26 October, trading at around $0.065, up 12%. Polygon (MATIC) also rose significantly as the price neared the $1 mark.

BTC/USD

65,921.70 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
+0.240% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

174.67 Price
-0.050% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,443.16 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE to USD

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0.1320992
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What next for BTC?

Analysts have weighed in on whether BTC could continue its bearish behaviour with Michaël van de Poppe, CEO of trading firm Eight, claiming that BTC “could outbreak significantly”. He tweeted: 

“Within two to three weeks, bitcoin will break out significantly. My take is the upside. My guess is probably $30,000.”

On the other hand, analysts have also linked the spike to a short-term run with the price influenced by the news surrounding the decision by UK lawmakers to recognise cryptocurrencies as financial instruments.

BTC entered 2022 trading around the $46,000 level, but the cryptocurrency’s price been on a steady decline ever since, and has been trading around $20,000 range since June this year.

Markets in this article

BTC/USD
Bitcoin / USD
65921.70 USD
20.5 +0.030%
DOGE/USD
DogeCoin / USD
0.1320992 USD
0.0003155 +0.240%
ETH/USD
Ethereum / USD
3443.16 USD
-41.01 -1.180%
MATIC/USD
MATIC/USD
0.54922 USD
-0.00629 -1.180%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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