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Bitcoin (BTC) wrapped up a new weekly close on October 15, as “extremely dull” trading conditions still hinted at a possible breakthrough at $27,000.
BTC/USD 1-hour chart. Source: TradingView
"Extremely dull" BTC price could still provide surprises at weekly close
Data from Cointelegraph Markets Pro and TradingView recorded a typically stagnant weekend, with a lack of BTC price volatility leading up to the close.
Remaining around the critical $26,800 level, Bitcoin offered traders little in the way of significant directional signals, while spot markets remained subdued.
$BTC
Typical weekend algorithms searching over exposed positions into CME Futures open in about 12 hours & weekly open tomorrow
No notable flow this weekend thus far, just one spot buyer & perpetual buyer ~ likely algorithm pic.twitter.com/z38tKoozK3— Skew Δ (@52kskew) October 15, 2023
Regarding the potential for upward movement, Michaël van de Poppe, founder and CEO of MN Trading, suggested that there was potential for a BTC price increase to $27,800.
“Weekends are extremely dull for trading, particularly for Bitcoin,” he remarked to X subscribers on that day.
“Unchanged outlook. Performed a double-bottom test at $26,500 and held steady. Currently contending with resistance, through which another test of $27,000 should culminate in a breakout to $27,800.”
BTC/USD annotated chart. Source: Michaël van de Poppe/X
Well-known trader and analyst Daan Crypto Trades was monitoring the impending weekly candle closing below a “bull market support band” created by two moving averages.
“Still no decisive close above or below for several weeks now as we trade right around this area,” a part of the commentary on X mentioned.
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BTC/USD chart with bull market support band. Source: Daan Crypto Trades/X
Further analysis indicated that volatility might increase as the day progressed, with the latest CME Group Bitcoin futures closing price at $26,840 being a focal point of interest.
#Bitcoin Quite a straightforward weekend.
Anticipating some volatility & increased volume in a few hours as we typically observe on Sunday afternoons. https://t.co/ghsVin9KxM pic.twitter.com/oNyIaWiZx8— Daan Crypto Trades (@DaanCrypto) October 15, 2023
Bitcoin adoption curve model predicts $27,000 support
$27,000 and above also became a focal point as a potential long-term support level over the weekend.
Related: Did SBF really utilize FTX traders’ Bitcoin to keep BTC price below $20K?
This insight came from Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, who observed that the BTC price level would gain significance moving forward.
Due to the correlation between price and adoption, $27,000 is expected to serve as a benchmark that holds as support approximately 75% of the time by the end of 2023.
“Bitcoin price remains above its adoption curve 75% of the time. That curve will reach $27,000 in 60 days,” he shared on X alongside an illustrative chart.
Bitcoin Adoption Curve chart. Source: Timothy Peterson/X
In August, Peterson forecasted a 15% BTC price decline by October, while predicting a rise to $100,000 within the next three years.
This article is not intended as investment advice or recommendations. Every investment and trading decision carries risks, and readers are encouraged to conduct their own research before proceeding.
