Some analysts believe that Bitcoin is poised for an uptrend in October, despite the current correction, which is largely driven by outflows from Bitcoin ETFs. However, there is a possibility that BTC will face a price correction before the uptrend.
List of titles
Summary of analysis
- Some analysis suggests that the price of Bitcoin could correct to the range of $54,000 and $51,000 before the uptrend.
- Analysts expect Bitcoin to rise in price in October, as in previous market cycles.
According to Cointelegraph, analysts believe that the price of Bitcoin
BTC:
It will face another major price correction before starting a possible uptrend in October.
Magz, one of the cryptocurrency market analysts, has stated that based on the technical analysis of the Bitcoin price chart, this digital currency will face another correction before the upward trend.
In the Bitcoin price chart since February 2024 (Bahman 1402), higher ceilings and floors have been formed. Although this pattern represents a long-term uptrend, the analyst believes that Bitcoin could experience another price correction to the $51,000 area before its next upward move.
In addition, a review of the Chicago Mercantile Exchange (CME) Bitcoin Trading Gap shows that there is a possibility of another correction to the $54,000 area, given the existing gap between $54,000 and $54,500,000.
Analysis of gaps or gaps in the CME market has become one of the popular methods for detecting and evaluating tentative Bitcoin corrections. When these chats are formed, traders usually mark them as possible support and resistance points in the path of the price trend or reversal trends.
Titan of Crypto is another analyst who has pointed to another price correction. He wrote on Twitter:
It is probably time for Bitcoin to end its stabilization phase. History doesn't always repeat itself, but it usually happens like that.
Why are analysts hoping for Bitcoin price growth in October?
According to Titan of Crypto, Bitcoin's last bull run could start as soon as October. He wrote in a post on September 4 (14 Shahrivar):
October could be the month in which Bitcoin shows the last upward movement of its price cycle.
Based on the historical average performance of Bitcoin in October, investors expect the price of the digital currency to break higher this month. Based on historical data, October is the second most profitable month for Bitcoin price action.
Data from CoinGlass shows that, on average, the price of Bitcoin rose by 22.9% in October. Meanwhile, November is considered the best month with an average price growth of 46.81%.
Rekt Capital, a well-known market analyst, also stated that the previous halving cycles also point to a Bitcoin price failure in October, which could continue for 3 months in a row.
Disclaimer: All contents of Eviralnews, including news, articles, analysis, introduction of Telegram games and airdrops, are published with the sole purpose of educating or informing users of the digital currency space. Eviralnews does not have any recommendations for investment, buying and selling or participation in projects related to this field and only produces content according to the request of the Iranian cryptocurrency community. Activities in the digital currency market, like other financial markets, are associated with risks, and it is necessary for each person to make a decision to operate in this area by researching and fully accepting the responsibility of these possible risks.
