Historically, October has been: Bitcoinwas its best-performing month and caused notable price increases over the years. Considering Bitcoin's price this month, several crypto analysts believe the digital asset could be gearing up for a breakout that could trigger a new all-time high. I'm thinking.
Is a big move in Bitcoin imminent?
As October slowly draws to a close, market expert and trader Titan of Crypto says: predicted Bitcoin’s notable breakout in the month usually referred to as “Uptober”, reflecting the much-awaited bullish momentum.
Expert predictions suggest current prolongation integration phase The end is near as crypto assets brace for an impending surge. Additionally, his bullish view stems from BTC's move above the monthly bullish pennant pattern, indicating resilience in renewed upward strength.
According to Titan of Crypto, Bitcoin has not only overcome its monthly bullish pennant, but also recovered from the previous resistance level, which is currently acting as a support range. As a result, experts believe that the next important price level to watch is the $71,100 mark, which, if broken, could open the way for further upside and could lead to new price levels. claims to be sexual. Best ever.
This optimistic outlook for BTC is rapidly increasing within the cryptocurrency community, demonstrating strong confidence and sentiment among enthusiasts and investors in the long-term potential of the digital asset.
Riccio Capital also predicted BTC breakout Octoberespecially within a week. After studying Bitcoin's current price movements, the platform predicts that the asset could retrace the current high of $74,000 sometime this week as it approaches a breakout from the descending channel pattern. I'm doing it.
The platform expects strong buying pressure, but a slight pullback after reaching the initial target at the current peak before the trend continues upward towards the key $79,000 price level. It is argued that this may occur.
BTC’s new bullish momentum recedes
Riccio Capital’s prediction could come true as Bitcoin has experienced a slight pullback since its recent uptrend began over a week ago. BTC It soared from the $59,400 level to $69,170. This decline can be attributed to the broader market decline. Potentially unstable period For BTC.
BTC reached the $69,170 level on Monday before falling to $66,900 earlier today, but has so far recovered slightly to $67,400. The crypto asset is currently trading at $67,247, reflecting a 2% decline over the past 24 hours. Despite this decline, investors and traders remain confident in Bitcoin's renewed strength, as its trading volume has increased by more than 50% in the past day.
Featured image from Unsplash, chart from Tradingview.com
