#BTCUptober Bitcoin (BTC) Price Is Not Yet Out of Woods amid Heightened Demand from Whale Investors
The October crypto bullish narrative could help Bitcoin price regain a crucial macro rising trend and potentially reach a new all-time high.
Key Notes
Bitcoin price must consistently close above the 200-day Moving Average (MA) to invalidate the midterm bearish sentiment.
The rise of some altcoins has signaled an inevitable reversal of BTC dominance in the weekly time frame.
Bitcoin
$63 533
price closed September with a bullish outlook, signaling a potential reversal in the near term. The flagship coin is attempting to regain the 200-day Moving Average (MA) as a support level after Mondayâs drop from $65.6K to about $63.2K following the heated futures market.
The rising Bitcoin volatility is expected to continue in the coming weeks amid speculation of a bullish outlook in the fourth quarter.
Furthermore, the ongoing economic shift catalyzed by the recent Fedâs rate cut, amid the upcoming US 2024 general elections, will accelerate the crypto bullish outlook.
Additionally, Bitcoin price will eventually follow Goldâs price action, which is already in price discovery.
According to popular crypto analyst alias PlanB, Bitcoin price is en route to a new all-time high in the near term after consolidating between $60k and $70K in the past eight months.
From historical data, Bitcoin price tends to perform better in the fourth quarter after closing September with a bullish outlook.
However, legendary analyst Peter Brandt has severally cautioned traders against a potential sudden Bitcoin selloff if it does not consistently close above the July peak of about $69.9K.
Moreover, Bitcoin price has been trapped in a macro falling trend since March, characterized by lower lows and lower highs in the weekly time frame. #BTCUptober
From a technical standpoint, Bitcoin price in the four-hour time frame has signaled a potential selloff in the coming weeks before the macro reversal by the end of this year.
