Market researcher Rekt Capital says a more severe drop is likely before the next halving occurs, as Bitcoin price behavior in 2015 and 2019 both pointed to a significant price drop at this time.
In a follow-up post, the analyst stated that he intends to buy Bitcoin on a dollar-cost averaging basis in the lead-up to the halving, anticipating a parabolic rise immediately following the halving.
Bitcoin has historically performed well in October over the past decade. Bitcoin’s value surged by 39.93% in 2021 after a massive 27.7% increase in 2020. Looking further back into October 2017, we see a gain of 47.81% at the end of the month.
The Bulls struggle
According to CMC data, as of this writing, BTC is trading at $27,921, up 1.36% in the past 24 hours. Additionally, trading volume has increased by 10.88%. Despite the recent pullback, prices are up 2.03% in the past 7 days and 7.46% in the past 30 days.
Can Bitcoin’s price break out of the $29,000 range? After a downward correction, Bitcoin price attempted to start a fresh increase from the $30,258 support area. As of the time of writing, Bitcoin (BTC) has recovered to the $27,921 resistance level.
If the price succeeds in breaking the $29,000 level, it is likely to test the $29,250 resistance level. If the bulls can push the price above this level, it is likely to test the $30,490 area. On the other hand, if the price dips below the $27,280 level, it is likely to decline and test the $26,070 support level.
