Similarities between October 2023 and 2024 suggest Bitcoin Price May Still Be ‘Uptober’

October has seen no Bitcoin rise, and bulls are waiting for one. Famous social media expert X is watching market activity for an upsurge. Ash Crypto, an analyst, has noted a significant connection between Bitcoin's current market movement and a 2023 trend. Ash Crypto noted Bitcoin's early October 2023 drop, which turned into a multi-month surge to its all-time peak.

Similar Price Action Description

Bitcoin's and other cryptocurrencies' prices turned in October 2023. Bitcoin led the crypto sector out of a long bad cycle this month, bringing confidence and price rises.

Bitcoin's market value rose 28.52% for the first time since January, causing industry-wide market shifts. Although cryptocurrencies rose similarly to Bitcoin, their profits were less. However, their combined influence pushed bitcoin market value beyond $1.25 trillion for the first time since May 2022.

Most investors forget that October 2023 began on a sour note, even though it opened the next bull cycle. Ash Crypto said that Bitcoin fell 7.5% in the first week of October 2023. The BTC/USD price chart shows Bitcoin falling below $26,500. However, it recovered quickly. Bitcoin rose 33% from its low in October 2023 to over $35,000.

October 2024, Bitcoin looks to be following its trend from the previous year. Bitcoin started the month close around $64,000, a good position considering its recent positive trajectory. Like October 2023, the cryptocurrency fell 6.5% in the first three days. This phase saw the price momentarily reach $60,750.

This Impacts Bitcoin?

Bitcoin may sink more before rising again if history repeats itself. Ash Crypto predicts a 33% gain would send Bitcoin over its all-time high, with a monthly closing between $75,000 and $76,000.

Bitcoin is now trading at $61,580, up little. Despite this early setback, optimistic investors are watching Bitcoin for Uptober.

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