$BTC ended the first week of October with a reinforced uptrend, although the weekly candle closed down, the price was still above the EMA21, showing that the buyers are gradually gaining the upper hand.

• This shows that there is a possibility that BTC price will continue to increase strongly in large time frames such as D1 and W1.

• Comparing the charts of October 2023 and October 2024, we see that Bitcoin's price action is quite similar.

• If history repeats itself, BTC could surge from mid-October, aiming to break the ATH (All-Time High) mark.

Stablecoin capitalization is surging, providing liquidity to the crypto market, supporting further Bitcoin price increases.

TECHNICAL ANALYSIS

Technically, on the D1 chart, the higher low structure shows that the buyers are regaining the upper hand. If Bitcoin breaks above $70,000, it could head towards higher levels like $80,000-100,000.

ONCHAIN

Onchain data shows that short-term speculators (STH) are leaning towards a net short position, but this is not a sign of a long-term downtrend. In previous cycles, when the price fell, STH often sold off, but when the price rose again, they FOMOed to buy.

Ultimately, the scarcity of supply on exchanges, with over 700,000 BTC withdrawn since January 2022, will create a supply shock, pushing Bitcoin prices higher in the future. Overall, the current short-term correction is a buying opportunity before the next strong growth occurs.