October has historically been one of Bitcoin‘s best-performing months, triggering notable price increases over the years. Considering the price of BTC this month, several crypto analysts believe that the digital asset could be gearing up for a breakout that might catalyze a move to new all-time highs.
Is A Major Move For Bitcoin Around The Corner?
As the month of October gradually approaches its end, Titan of Crypto, a market expert and trader has predicted a notable breakout for Bitcoin in the month usually termed “Uptober,” reflecting the much-anticipated bullish momentum.
The expert’s forecast suggests the present lengthy consolidation phase is about to come to an end as the crypto asset prepares for the impending surge. Additionally, his bullish perspective stems from BTC’s move above the monthly bull pennant pattern, demonstrating the resiliency of its renewed upward strength.
According to Titan of Crypto, Bitcoin has not only overcome the monthly bull pennant but has also recovered from previous resistance that is currently acting as a support range. As a result, the expert claims that the next key price level to look out for is the $71,100 mark, which, if breached, could pave the way for further upside movement, potentially to a new all-time high.
This optimistic outlook for BTC is increasing rapidly within the crypto community, indicating strong confidence and sentiment among enthusiasts and investors about the potential of the digital asset in the long term.
Riccio Capital has also forecasted a breakout for BTC in October, particularly within the week. After investigating Bitcoin’s current price movement, the platform predicts that the asset could retest its present all-time high of $74,000 in the week as it draws closer to a breakout from a Descending Channel pattern.
While the platform anticipates strong buying pressure, it claims there may be a slight pullback after hitting the initial target at the present peak before the trend continues upward toward the pivotal $79,000 price level.
BTC’s Renewed Bullish Momentum Sees Setback
Riccio Capital’s prediction might be playing out as Bitcoin has witnessed a minor setback since its recent uptrend began over a week ago, in which BTC surged from the $59,400 level to $69,170. This decrease is attributed to a broader market downswing suggesting a potentially volatile period for BTC.
After hitting the $69,170 level on Monday, BTC saw a decline to $66,900 earlier today but has recovered slightly to $67,400 so far. Presently, the crypto asset is trading at $67,247, reflecting a 2% drop in the last 24 hours. Despite this pullback, investors and traders remain confident about Bitcoin’s renewed strength as its trading volume has increased by over 50% in the past day.
Featured image from Unsplash, chart from Tradingview.com
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