Bitcoin All-Time High Loading Despite Bearish Pressure, Predicts Analyst

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As a seasoned crypto investor with over a decade of experience navigating the rollercoaster ride that is Bitcoin, I have learned to approach every new month with cautious optimism, tempered by a healthy dose of realism. October, affectionately known as “Uptober” in our community, has been a mixed bag for me over the years – some years it’s been a golden month, others, well, not so much.

The road to a new all-time high (ATH) is filled with a plethora of obstacles for Bitcoin (BTC). From geopolitical issues to monetary policies and socioeconomic hurdles, a major price breakout looks like a far-fetched idea. This is a serious concern especially in the month of October, also known as “Uptober” in the crypto community.

In simpler terms, October is traditionally a favorable month for Bitcoin’s price performance. Yet, the initial three days of October have been less than promising. Consequently, the cryptocurrency community has humorously rebranded October as “Rektober,” implying that they now expect something exceptional.

As a crypto investor, I’ve noticed that Bitcoin’s price trends have leaned towards bearish so far, but I remain hopeful about the “Uptober” theory. Notably, analyst Jelle has recently shared his optimistic Bitcoin price forecast, maintaining his belief that a significant price surge is yet to come for the leading cryptocurrency in the market.

New ATH in October?

In an update on his platform (previously known as Twitter), Jelle shared with his 91.9K followers that Bitcoin’s future may not be as grim as it seems. He pointed out that traditional bull market summers tend to be volatile, and this year has followed suit. Essentially, “volatile” refers to a period of price fluctuations following brief periods of gains, which are then followed by consolidation and consistent drops. However, Jelle offered some optimistic news, indicating that there may still be hope for Bitcoin.

According to him, there’s a tendency for the price of Bitcoin to surge out of its usual range around the second or possibly third week of October. If this occurs, it will be undisputed that October deserves the title of “Uptober,” which refers to the most favorable month for the market. In summary, if this historical pattern repeats itself, we can expect Bitcoin to reach a new record high this October.

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2024-10-03 18:00