$BTC October is coming to an end and you need this reality check ✅
🔔
After analysing the chart on the longest time frame (1M) mostly used, there are certain similarities that can't be ignored.
🎯 In the previous cycle (post halving May 2020), October saw a decent rise in prices with Bitcoin hitting a high of $14100 that month. Still below the previous ATH of $19800 in Dec. 2018. After that we witnessed the exponential ride of a lifetime and Bitcoin went past $60K in Mar., 2021. The consolidation in 2020 was a long one with $10K being the crucial level of rejection. The fun part is this consolidation actually began in July, 2019 after BTC attempted to break $14K in June.
POV: Bitcoin broke its previous ATH after halving specifically in November 2020.
🔔 Here comes 2024 and the scenes are quite similar but with a twist. Now it is hovering at a higher price level & has stabilized above $50K. Big institutions are running the ETF play in full swing although the volatility is still there which is quite usual. Unlike 2019-20 we didn't witness a long consolidation, rather it was a V shaped movement and BTC was declared dead (I guess it was 1000th time) again when it hit a low of $15475 in Nov. 2022.
Now this October hasn't been that disappointing if we take a closer look. As I mentioned above the prices have stabilized at higher levels and to achieve that it has to go through multiple retests. So after a successful retest of $60K it broke the bull flag and with all obvious reasons it looks strong enough to close above the flag on the monthly chart. 📈
This year post halving the consolidation did prevail but volatility was at it's peak. As of now the monthly chart looks stupendously good and once BTC breaks $70K it will be heading towards a new peak.
Brace yourselves for November as history is repeating itself.
