Bitcoin is the number one cryptocurrency by market capitalization, followed by Ethereum, while XRP is number four. This article will cover the price predictions for these top cryptocurrencies for October 2020 in order to help you decide if you want to invest this month for the short or long term.
Bitcoin Price Prediction: Analysis
Bitcoin has been quite volatile lately, with its price experiencing some major intraday moves. BTC opened the month of October at $10,775.62, but reached over $10,900, falling below $10,500 on the 1st. It has been moving sideways since then, with significantly reduced volatility. It seems that consolidation is happening, and the price will eventually break out, but whether up or down is not clear at the moment.
However, the short term price action is more bearish than bullish. This is because one of the key indicators of price movement, the Moving Average (MA) on the lower time frames (20 and 50), serves as resistance at the moment, and until they flip to support, the short term remains bleak. The long-term potential looks good, as the 100 MA is still acting as support, although not a very strong one, as shown in the daily chart below.
Bitcoin Market Predictions
Longforecast
This website predicted that Bitcoin would open the month of October at $7,733, which is not very far from the opening price from CoinMarketCap. They add that the minimum and maximum prices for the month will be 9536 and 11643, respectively, while the closing price will be $10,506, with a loss of 2.1%.
30rates
30rates foresees Bitcoin’s price going as high as $11,643 and as low as $9,538 in the month of October. It will, however, close at $10,506. Below is the full daily price prediction for the rest of the month, including the highest and lowest for each day.
| Date | Weekday | Min | Max | Price |
| 10/07 | Wednesday | $9984 | $11488 | $10736 |
| 10/08 | Thursday | $9955 | $11453 | $10704 |
| 10/09 | Friday | $9823 | $11301 | $10562 |
| 10/12 | Monday | $9824 | $11302 | $10563 |
| 10/13 | Tuesday | $9692 | $11152 | $10422 |
| 10/14 | Wednesday | $9831 | $11311 | $10571 |
| 10/15 | Thursday | $9812 | $11290 | $10551 |
| 10/16 | Friday | $9838 | $11320 | $10579 |
| 10/19 | Monday | $9931 | $11425 | $10678 |
| 10/20 | Tuesday | $10119 | $11643 | $10881 |
| 10/21 | Wednesday | $10043 | $11555 | $10799 |
| 10/22 | Thursday | $10096 | $11616 | $10856 |
| 10/23 | Friday | $9677 | $11133 | $10405 |
| 10/26 | Monday | $9536 | $10972 | $10254 |
| 10/27 | Tuesday | $9698 | $11158 | $10428 |
| 10/28 | Wednesday | $9660 | $11114 | $10387 |
| 10/29 | Thursday | $9568 | $11008 | $10288 |
| 10/30 | Friday | $9771 | $11241 | $10506 |
Ethereum Price Prediction: Analysis
The price of Ethereum has historically followed that of Bitcoin. Therefore, it is not surprising that it is currently behaving exactly like the number one coin. After opening the month at $360.15 and rising to $368, it has dipped to $338 and is now consolidating at around $350. The following chart shows the movement, which closely resembles that of Bitcoin.
The long term remains bullish, while the short term is majorly bearish, so here are few more opinions on the price prediction for October.
Ethereum Market Predictions
Longforecast
For Ethereum, the opening price is predicted to be $356, which is also not far from the actual opening price of $359. It is expected to see some volatility with the price ranging between 297 and 394 before closing at $339 at a loss of 4.8%.
30rates
Ethereum’s price prediction from 30rates places the highest price for the month at $394, and the minimum at $302, while the closing price is expected to be $339. Below are the price predictions for each day for the month.
| Date | Weekday | Min | Max | Price |
| 10/07 | Wednesday | $333 | $383 | $358 |
| 10/08 | Thursday | $326 | $375 | $350 |
| 10/09 | Friday | $322 | $370 | $346 |
| 10/12 | Monday | $323 | $371 | $347 |
| 10/13 | Tuesday | $315 | $363 | $339 |
| 10/14 | Wednesday | $326 | $375 | $350 |
| 10/15 | Thursday | $325 | $373 | $349 |
| 10/16 | Friday | $324 | $372 | $348 |
| 10/19 | Monday | $333 | $383 | $358 |
| 10/20 | Tuesday | $342 | $394 | $368 |
| 10/21 | Wednesday | $334 | $384 | $359 |
| 10/22 | Thursday | $335 | $385 | $360 |
| 10/23 | Friday | $308 | $354 | $331 |
| 10/26 | Monday | $299 | $343 | $321 |
| 10/27 | Tuesday | $302 | $348 | $325 |
| 10/28 | Wednesday | $297 | $341 | $319 |
| 10/29 | Thursday | $313 | $361 | $337 |
| 10/30 | Friday | $315 | $363 | $339 |
XRP Price Prediction: Analysis
XRP started the month of October at $0.24 and dipped to $0.23. However, unlike Bitcoin and Ethereum, which have stayed down and are consolidating at the lower price, XRP has risen to $0.252 since then and is now consolidating at $0.48. Looking at the daily chart for XRP/USD, the 20 MA has crossed below the 50 and 100 MA. This is referred to as the Dead Cross, which indicates a sell signal, although XRP price seems to be doing well right now.
Below are some websites’ options on how the price will perform for the rest of the month.
XRP Market Predictions
Longforecast
Longforecast accurately predicted that XRP would open October at $0.24. The price may drop as low as $0.22 and go as high as $0.28 within the month. The closing price is predicted to be $0.26, with a gain of 4.26%.
30rates
For Ripple’s XRP, the month’s minimum price is $0.223, and the maximum price is expected to be $281. The closing price for October will be $0.265, which is a significant gain from the current price of $0.24.
| Date | Weekday | Min | Max | Price |
| 10/07 | Wednesday | $0.242 | $0.278 | $0.260 |
| 10/08 | Thursday | $0.238 | $0.274 | $0.256 |
| 10/09 | Friday | $0.233 | $0.269 | $0.251 |
| 10/12 | Monday | $0.234 | $0.270 | $0.252 |
| 10/13 | Tuesday | $0.230 | $0.264 | $0.247 |
| 10/14 | Wednesday | $0.233 | $0.269 | $0.251 |
| 10/15 | Thursday | $0.233 | $0.269 | $0.251 |
| 10/16 | Friday | $0.232 | $0.266 | $0.249 |
| 10/19 | Monday | $0.244 | $0.280 | $0.262 |
| 10/20 | Tuesday | $0.245 | $0.281 | $0.263 |
| 10/21 | Wednesday | $0.243 | $0.279 | $0.261 |
| 10/22 | Thursday | $0.244 | $0.280 | $0.262 |
| 10/23 | Friday | $0.229 | $0.263 | $0.246 |
| 10/26 | Monday | $0.225 | $0.259 | $0.242 |
| 10/27 | Tuesday | $0.227 | $0.261 | $0.244 |
| 10/28 | Wednesday | $0.223 | $0.257 | $0.240 |
| 10/29 | Thursday | $0.231 | $0.265 | $0.248 |
| 10/30 | Friday | $0.231 | $0.265 | $0.248 |
Conclusion
These were market predictions for Bitcoin, Ethereum, and Ripple for October. They should be able to give you directions on which to invest and which not to for the rest of the month.
Featured image: QuoteInspector.com
