After a tough period of sharp declines, Bitcoin (BTC) has made a strong comeback, reclaiming the $65,000 mark and reigniting rumors of an impending bull run. Earlier this year, Bitcoin experienced two sharp declines, falling by more than 20% on August 5 and September 6, respectively, which unnerved traders and made the market nervous.

Now, as October approaches — historically a favorable month for Bitcoin — sentiment is changing. Analysts are starting to become more optimistic, suggesting that Bitcoin may be preparing for a sustained rally. This could reignite excitement and speculation among investors eager to see if this recovery marks the start of a larger rally.

Technical indicators show bullish momentum

Recent technical analysis suggests that Bitcoin’s price action looks promising. The relative strength index (RSI) has climbed to 63.92, firmly above its signal line. This upward trend suggests that BTC still has room to rise before hitting overbought territory, suggesting that it will continue to maintain momentum.

This bullish sentiment is further reinforced by the Directional Movement Index (DMI). The current +DI is 24.4208, far exceeding the -DI of 12.0112, which clearly shows that buying pressure is dominating the market. This imbalance highlights a strong uptrend, with buyers clearly in the driver’s seat.

The Average Directional Index (ADX), currently at 21.2706, also suggests a mild but stable trend. While not particularly strong, an ADX above 20 suggests that bullish momentum is real and could gain momentum in the coming days.

Expected to achieve $79,000 in revenue this October

Bitcoin’s recent climb to $65,500 has reignited rumors of an impending parabolic move. BTC is on the verge of setting its first new high since reaching $74,000 in March.

A close above $65,000 would mark a notable pullback from the $50,000 lows of August, signaling the dawn of a bullish reversal and paving the way for a potential breakout. Historically, October has been fertile ground for Bitcoin rallies, with the average gain for the month reaching 22.90%.

If Bitcoin’s price action is similar to its past performance, it could surge to $79,000, breaking through key resistance levels and setting itself up for a potentially explosive move higher in November. While the market watches and waits, the question remains: Is this the beginning of Bitcoin’s next great rise?

At press time, Bitcoin is trading at $65,005, up 2.63% over the past 24 hours. Additionally, the asset’s market capitalization rose to $1.28 trillion, while its trading volume surged by a massive 46.62% to reach a threshold of $36.33 billion.

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