Bitcoin Price Prediction for Q4 of 2023: Is Now the Right Time to Buy?

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As Bitcoin approaches its second decade, experts’ opinions on its potential price surge are widely divided. The upcoming Bitcoin halving, approximately 230 days away, is expected to impact the ongoing bull market.

However, predicting the extent of this surge remains challenging due to limited historical data and evolving regulations. Renowned crypto analyst Jason Pizzino provides his perspective on the matter.

While avoiding precise price targets, Pizzino indicates the bear market’s end and anticipates Bitcoin surpassing $42,000. However, it’s essential to take his advice with caution, as he further warns against potential corrections similar to past bear markets. He suggests the possibility of Bitcoin and the S&P 500 experiencing a dip at the start of October before transitioning into a bullish phase.

Let’s delve deeper into his bear and bull theory.

Dollar-Cost Averaging Opportunity

Pizzino explains that the period in Q3 of 2023 and early Q4 in 2024 might be a prime time for dollar-cost averaging (DCA) into Bitcoin. Nevertheless, he cautions that there’s still overhead resistance, particularly at the $23,600 level, which represents the cycle low to the current first range out.

Bitcoin and the S&P 500

Pizzino also turns his attention to the S&P 500 (SPX) and its potential correlation with Bitcoin’s performance. The S&P 500 remained stable, reflecting concerns about potential Fed interest rate hikes in the last quarter. Federal Reserve Governor Michelle Bowman signaled readiness for further rate hikes if inflation progress falters.

The market now seeks more evident signs of improved earnings and Fed policy direction before the halving. However, all significant indexes reported losses for September and the last quarter.

Key Resistance Levels for Bitcoin

With the halving approaching, uncertainty looms over the market. Analysts offer varied forecasts, and technical indicators offer mixed signals. Regarding short-term movements, Pizzino envisions a positive September for Bitcoin, followed by a swift drop to around $23,630 in October. However, he doesn’t discount the possibility of a higher close at $28,518. To confirm a massive bull market cycle, Bitcoin needs to overcome key resistance levels.

For Bitcoin, Pizzino is closely watching several critical resistance levels. He highlights $28,500 as the tip of an iceberg for a potential consolidation, boosting the hope of further positive moves. Beyond that, key levels include $32,000, $35,000, $38,000, and the psychologically significant $40,000.

Also Read: Bullish Q4 Has Began, Say Hi To Uptober!!

Current Market Status

Presently, the S&P 500 is worth 4,288 points. Bitcoin fell 1.5% to $27,522 in 24 hours. If Bitcoin meets its early October promise, it might easily hit $28,000, signaling an upward trend. This follows tech-heavy Nasdaq and S&P 500 gains. Markets are recovering after a last-minute deal prevented a U.S. government shutdown.