S&P 500 Hits ATH, Bitcoin Struggles at $60k
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.
What will October 2024 bring for Bitcoin?
In his posts, Jelle highlights a recurring pattern observed during bullish markets: a period of weak price momentum in September, followed by a surge in October. He believes that this bullish season will adhere to the same trend, predicting a breakout for Bitcoin in the coming weeks.
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.
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 marked the worst trading day since September 7. On September 30, the price plummeted from $65,609 to $63,310 in a single day, placing Bitcoin at a disadvantage as October commenced. On October 1, the price dipped further to $60,805. Currently, buyers are attempting to push the price upwards, with the latest price sitting at $61,887.
In conclusion, the next few days are pivotal for Bitcoin. If expert opinions hold true, we may witness a sharp decline in Bitcoin’s price. The large red candlestick at the start of the month has already sent a warning signal, prompting cautious optimism among traders.
Is Jelle’s prediction accurate? Will Bitcoin see a sharp drop before a significant price increase? Let us know your thoughts!
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