Bitcoin Analysis in October: Will it Be an Octobull or an Octobear?
Currently, Bitcoin (BTC) is showing an interesting trend for October 2024, often referred to as “Uptober” due to its historically positive trend. As of early October, BTC was trading at around $61,000, although it has seen a decline in recent days
There are predictions that this month could be a big opportunity for traders. Analysts at Kaiko Research reported an increase in BTC options volume on the Deribit exchange, with many traders betting that Bitcoin will reach the $70,000 range by the end of the month. BTC prices have only fallen in October twice since 2013. Additionally, historical data shows that the average BTC return in October is around 22.90%.
Technically, Bitcoin is currently showing a pattern similar to 2023. Last year, Bitcoin experienced a consolidation phase or what could also be called an accumulation phase for 217 days, or around 6 months, starting from March to October. During this period, the price of Bitcoin moved in a relatively narrow range before finally experiencing a significant price spike. From its low of around $24,000, Bitcoin posted a spectacular +205% rally, reaching a high of around $73,000.
It should be noted that this sharp increase occurred in mid-October 2023, which was an important turning point in the crypto market. A similar pattern seems to be starting to form again in 2024, where Bitcoin returns to October with high hopes from investors and traders. Many parties predict that Bitcoin has the potential to experience another significant price spike, with estimates that it will reach $70,000 by the end of October 2024.
