Similarities Between October 2023 And 2024 Suggests The Bitcoin Price May Still Experience ‘Uptober’
04 Outubro 2024 - 11:00PM
NEWSBTC
Bitcoin has yet to rally in October, with many bullish proponents
awaiting the resumption of an uptrend. Among those closely
monitoring the price action in anticipation of an uptrend is a
well-known analyst on the social media platform X. This analyst,
who goes by the name Ash Crypto, recently highlighted a striking
similarity between Bitcoin’s current price behavior and a notable
pattern observed earlier in 2023. Ash Crypto pointed to Bitcoin’s
decline in early October 2023, which ultimately reversed into a
multi-month rally to its current all-time high. Explaining The
Similar Price Action October 2023 was the turning point for the
price of Bitcoin and many cryptocurrencies. It was during this
month that the crypto industry finally broke out of a lengthy bear
cycle, with Bitcoin heralding the charge toward renewed optimism
and significant price gains. Related Reading: Crypto Analyst Says
Solana-Based BONK Is In Prime Position For Legendary Rally For the
first time since January, Bitcoin’s market capitalization surged by
an impressive 28.52%, sparking a shift in market dynamics that
rippled throughout the industry. Although altcoins followed a
similar upward trajectory, their gains were modest compared to
Bitcoin. However, their collective impact was able to push the
entire cryptocurrency market capitalization past the $1.25 trillion
mark for the first time since May 2022. However, while October 2023
was the start of the new bull cycle, what most investors don’t know
or have forgotten is that the month started on a negative note. As
Ash Crypto pointed out, the price of Bitcoin dropped by 7.5% in the
first week of October 2023. According to the BTC/USD price chart,
this decline saw the price of Bitcoin fall below $26,500. However,
it soon rebounded from this point. By the end of October 2023,
Bitcoin had rallied to close the month at over $35,000,
representing a remarkable 33% increase from the month’s low. Fast
forward to October 2024, and it appears that Bitcoin is once again
repeating its pattern from the previous year. At the start of the
month, Bitcoin was trading just below $64,000, a strong position
given its recent bullish trends. However, in a movement similar to
October 2023, the cryptocurrency experienced another sharp decline,
this time dropping by 6.5% within the first three days. Notably,
the price briefly touched $60,750 during this period. Related
Reading: Crypto Capo Returns After 2 Months To Predict Ethereum
Decline To $1,800, Is It Time To Go Long? What Does This Mean For
Bitcoin? If history were to repeat itself in full, Bitcoin could
maybe or maybe not drop a little bit more before rebounding to the
upside. According to Ash Crypto’s projection, a similar 33% surge
would see Bitcoin shooting above its current all-time high, with a
monthly close right in the middle of $75,000 and $76,000. At the
time of writing, Bitcoin has recovered a bit and is now trading at
$61,580. Despite this early setback, many bullish investors are
keeping a close eye on Bitcoin in anticipation of Uptober coming to
fruition. Featured image created with Dall.E, chart from
Tradingview.com
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