For the first time in nearly two months, Bitcoin (BTC) has surpassed the $65,000 mark, marking a significant recovery following two notable downturns in August and September. During these crashes, Bitcoin experienced a steep decline of 20% on two separate occasions, specifically on August 5 and September 6.
However, as October approaches—a month often associated with a bullish resurgence for Bitcoin—market predictions are increasingly optimistic, suggesting that the cryptocurrency might be gearing up for another major uptrend.
Could Bitcoin Reach $79,000 In October?
On Thursday, Bitcoin recorded a 3% increase within a 24-hour period, reaching a price of $65,500. This upward movement has sparked discussions among analysts about whether this signals the start of a parabolic bull run.
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Crypto investor Scott Melker expressed this sentiment, emphasizing that Bitcoin is currently attempting to establish its first higher high since peaking at $74,000 in March of this year.
Melker noted that closing above $65,000 would confirm a new upward trend, transitioning from the lows of $50,000 observed in August. This pattern—a low, high, higher low, and higher high—suggests a bullish market structure replacing the previous bearish trends.
Historically, October has been a strong month for Bitcoin, with analysts like Lark Davis pointing out that the average return during this month is approximately 22.90%.
If Bitcoin were to experience a similar increase this year, it could potentially rise to around $79,000, surpassing its previous all-time high and overcoming key resistance levels. Such a move would set the stage for a powerful rally into November according to Davis’ analysis.
Record-Breaking Performance In September
In a further analysis, Rekt Capital provided insights into Bitcoin’s recent performance. He noted that September, often viewed negatively, turned out to be the best September for Bitcoin on record, with a 9% increase.
Rekt also highlighted historical patterns related to Bitcoin’s Halving cycles, indicating that Bitcoin typically breaks out from its re-accumulation range approximately 154 to 163 days post-Halving.
Currently, Bitcoin is 159 days past its last Halving that took place in April of this year. Based on previous cycles, Rekt believes that this timing suggests that a breakout could be imminent, reinforcing the…
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