October has historically been one of Bitcoin’s best-performing months, causing 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 believes that Bitcoin will be in the spotlight in a month commonly referred to as the “Uptober,” reflecting the expected bullish momentum. I predicted that there would be a breakout.
Expert predictions suggest that the current long consolidation phase is nearing an end 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 argue that the next important price level to watch is the $71,100 mark, a break above which could pave the way for further gains and possibly new all-time highs. I am doing it.
BTC breaks out of monthly bullish pennant | Source: Titan of Crypto on X
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 expects a breakout in BTC in October, especially this 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 forecast sees Bitcoin witnessing a slight pullback from the recent uptrend that started over a week ago, with Bitcoin surging from $59,400 levels to $69,170. Therefore, it may work. This decline can be attributed to a broader market decline, suggesting that BTC is in a potentially volatile period.
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.
BTC trading at $67,009 on 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
