Bitcoin (BTC) price trend analysis on October 7
Bitcoin prices once rushed to $64,000, but then fell back by 1.4%, which seems to indicate that the weekend's rally may turn around. Currently, Bitcoin's support levels are $61,837 and $60,346.
Some analysts boldly predict that by the end of October, the price of BTC will soar by 30%, directly to $777,000. Their reason is that according to historical rules, the price of BTC always bottoms out at the beginning of the month and then rises sharply before the end of the month.
However, tensions between Iran and Israel may have an impact on the price of Bitcoin, and may even break this historical rule.
Over the weekend, the price of Bitcoin rebounded by 4%, and on Monday it hit a new high below $64,000.
So, what will happen to Bitcoin next?
Bitcoin encountered trouble in the resistance zone of $63,987 to $65,044. Once it breaks below this level, it could fall to the support levels of $61,837 and $60,346.
The relative strength index (RSI) is now hovering around 60, which is not yet overbought. Therefore, Bitcoin may continue to struggle in this resistance zone in the short term until the RSI also breaks through the overbought zone. By October 9 or 10, the price of Bitcoin may fall to the support level of $60,000.
If BTC fails to rise, the psychological barrier of $60,000 may become the focus of competition between buyers and sellers. If this support level cannot be maintained, Bitcoin may fall further and return to the range of $57,970 to $57,201. In this case, Bitcoin will have to fall 9.6% from the current $63,166.
However, there are analysts who are optimistic about Bitcoin. For example, Jay on the X platform believes that based on historical data, Bitcoin can rise 30% to $777,000 by the end of October. He said that BTC always falls for a few days in early October and then rises sharply before the end of the month. The highest increase occurred in 2013, when BTC rose 70% the next day.
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