The post Bitcoin Price Prediction October 2024: A Historic Month for Crypto? appeared first on Coinpedia Fintech News
October has historically been a favorable month for Bitcoin. In October 2023, the Bitcoin market experienced an impressive surge of +28.5% – significant as it was the second-highest monthly return of 2023 after January’s return of +39.9%. Since 2011, at least nine times the month of October has reported a positive monthly return. In a series of X posts, Jelle, a long-term crypto investor, has shared an optimistic view of the cryptocurrency market, lifting the level of hope among crypto enthusiasts about the potential highs the market can reach this month.
Bitcoin Historical Patterns Point to October Breakout
In his posts, Jelle primarily discusses a pattern that Bitcoin follows during bullish markets. A weak price momentum in September followed by a surge in October is the key characteristic of the pattern. Jelle believes that in this bullish season also, the Bitcoin market will follow the same pattern. He predicts that the market will see a breakout in a few weeks.
In the past bull-years, #Bitcoin has taken the summer to recharge, preparing for the next leg higher.All of those new legs higher started in October – breaking out in the 2nd or 3rd week of the month.I don't think this year is different.Final shakeout before new highs. pic.twitter.com/CXEHhebEMU
— Jelle (@CryptoJelleNL) October 1, 2024
Bitcoin Price Prediction for October 2024
Interestingly, the predicted breakout in the BTC price is not the crux of the Bitcoin October Forecast made by Jelle. What deserves more attention is the part of Jelle’s prediction that hints at the possibility of a higher low in the market before Bitcoin begins its journey towards a new all-time high.
Structure back to full bull, at the start of Q4.Higher low in the coming days, then new all-time highs for #Bitcoin in the next 2-3 weeks. Would make perfect sense given the seasonality & historical patterns pic.twitter.com/DwxXZFLULW
— Jelle (@CryptoJelleNL) October 2, 2024
Bitcoin Price Analysis: A General Overview
In September 2024, the BTC market was largely bullish; although it experienced a bearish momentum in the initial days, as easily as September 7, strong buying pressure stepped in, pushing the price higher. Nonetheless, in the final days of that month, a bearish sentiment started to loom over the market.
The large bearish candlestick formed on the last day of September was the worst since September 7; on September 30, the price slipped from $65,609 to $63,310 in a single day. Naturally, in October, the Bitcoin market opened with a disadvantage; on October 1, the price further dropped to $60,805. Right now, buyers are attempting to push the price upwards. At present, the price remains at $61,887.
In conclusion, the next couple of days are crucial for Bitcoin. If the expert’s opinion is to be believed, we may witness a sharp fall in the Bitcoin price. The large red candlestick at the start of the month has already shown a warning sign.
Also Read :
Demand for FTX Token Surges High as Price Soars by 60%: Here’s Where the FTT Price May Reach after the $1.6B Repayment Plan
,
