Bitcoin price will rise 13% by October 31, Crypto Community predicts

Over the past couple of months, the Bitcoin price has been dealing with a narrow trading range, trying its best to recover after plunging into a series of declines.

• Bitcoin repeatedly managed to go past the $25K mark
• Almost 22,000 predicted the price to rise next month
• The worst-case scenario for Bitcoin involves a trading price of $11,000

The largest cryptocurrency by market capitalization had repeated attempts to go past the $25,000 mark, but has been unsuccessful so far.

Just this Tuesday, Bitcoin managed to have a mini-rally, climbing all the way up to a trading price of just over $23,300.

However, this peak was short-lived, as the digital asset immediately suffered a price correction. As of this writing, tracking off CoinGecko showed Bitcoin changing hands at $18,746.

It is already doomed to end the month of September with a price that is more than 50% lower than what it had during the same month last year.

Image: CryptoGazette

Bitcoin price prediction for next month

Traders and investors alike are taking into account the volatility known to haunt the crypto space when looking into Bitcoin’s immediate future.

According to members of the CoinMarketCap crypto community, the digital currency in question could see a price increase of more than 13% by the end of October 2022.

That will put the Bitcoin price at $22,857, which is significantly higher than the current level.

Source: CoinMarketCap

A total of 21,873 users voted for the Bitcoin price prediction, according to data from CoinMarketCap.

As optimistic as this may sound, it could be an indication that investors have already given up on the ridiculously bullish forecasts about the top cryptocurrency and have already come to terms with the recent unimpressive performance.

Worst Case Scenario for Bitcoin

Back in January 2022, crypto billionaire Mike Novogratz apparently foreshadowed the struggles that both investors and the cryptocurrency market are experiencing.

At the time, he said using his Twitter account: “This will be a year where people realize being an investor is a hard job.”

During that time, Bitcoin was in better shape, trading around $36,000. Its closest rival, Ethereum, was changing hands at the $2,500 levels.

But since then, the crypto market has plunged into a deep dive, with the crypto leaders losing almost 55% of their respective values.

With the full “bottom out” still looming around the crypto space, some fear that there is a possibility that Bitcoin could fall to $11,000.

BTCUSD pair trading at $18,656 on the daily chart | Source: TradingView.com

Featured image from Crypto Insiders, Chart: TradingView.com