The weekend rally sent Bitcoin prices soaring 4%, setting a local high just below $64,000 on Monday. Although this move seemed like a bullish development and created a bullish move for the crypto market, this is not the case. Over the past 8 hours, BTC has returned 1.4% and is likely to reverse its gains. In this article, we explore Bitcoin price predictions and what to expect next.
Bitcoin Price Analysis: What’s Next for BTC?
The 4-hour chart of Bitcoin (BTC) shows a clear retest of the daily resistance zone ranging from $63,987 to $65,044. Rejection of this level could result in a 1.4% correction and an extension to the next stable support levels at $61,837 and $60,346.
The Relative Strength Index (RSI) is hovering around 60, but has not yet reached overbought levels. Therefore, investors can expect a short-term correction that will push BTC into the aforementioned resistance zone, which could also push the RSI into overbought territory. A correction on October 9th or 10th could send Bitcoin price crashing towards the $60,000 support level.
If BTC fails to rise and falls, investors can expect some stabilization or tug-of-war between buyers and sellers around the psychological level of $60,000. Furthermore, if the dead cat bounce does not stabilize around the aforementioned support levels, the correction in BTC price could deepen further. If it breaks below $60,000, Bitcoin could revisit the $57,970 to $57,201 support levels. This move represents a 9.6% plunge from current levels of $63,166.
BTC/USDT 1 day chart
Significant rise in BTC: Analyst
In a recent post on X, analyst Jay outlined his thoughts on BTC. Based on historical data, his Bitcoin price prediction suggests a 30% rise to $77.7,000 by the end of October.
According to Jay, BTC consistently formed a bottom for 3-4 days in October, followed by a massive double-digit rally by the end of the month. The highest return was observed in 2013, when BTC surged 70% after forming a bottom on the second day.
This outlook is consistent with the historical October monthly return of 21%.
BTC October Return
Although the above post is based on historical data, investors should take it with a grain of salt. On average, October returns are definitely bullish, but there were some days when BTC was up less than 10%.
Additionally, the uncertain geopolitical situation due to the war between Iran and Israel could have a significant impact on Bitcoin price, potentially overturning historical patterns.
Frequently Asked Questions (FAQ)
Bitcoin price is likely to correct and could reach support levels at $61,837 and $60,346, with a possible crash to $60,000.
According to historical data, BTC bottomed out within 3-4 days of October, followed by a double-digit rise, with an average return of 21% in October.
Uncertainty due to the Iran-Israel war could disrupt historical patterns, impact BTC prices, and destroy expected gains.
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akash girimas
Akash Girimath is an engineer by training with a deep interest in the intricacies of the crypto market. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to prominent platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role includes providing insightful market analysis and keeping readers informed about the latest trends in the world of cryptocurrencies. Follow him on Youtube , X and LINKedIn
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
