bitcoin is at a critical juncture after weeks of intense volatility, marked by excitement and fear. Currently trading around $59,400, btc is testing vital demand levels following a 10% drop from local highs of around $66,000.
This recent price evolution has generated uncertainty among investors, some of whom remain hopeful of reaching new all-time highs in this cycle. Many are closely watching bitcoin's next moves as the cryptocurrency market reacts to external factors.
A prominent crypto analyst has shared a long-term chart that highlights an intriguing trend: Historically, October has often marked the beginning of bull runs for btc. This idea adds an element of optimism for those looking to capitalize on the potential bullish momentum.
As the market grapples with mixed feelings, all eyes are on bitcoin to see if it can regain lost ground and reach new highs.
The next few days will be pivotal as traders assess whether btc can maintain its bullish trajectory or if more corrections are on the way. Given historical patterns and current market dynamics, investors are watching to see how this narrative develops.
bitcoin Post-Halving Rise: Is It Close?
Currently, bitcoin is navigating a highly volatile environment, leaving traders and investors uncertain. The price has shown no clear signs of direction or specific targets, causing concern among market participants.
Many analysts fear that the historic bull run predicted following the recent halving will not materialize this time, which could lead to missed potential profit opportunities.
However, top crypto analyst Ali offers a glimmer of hope. He recently shared a compelling x.com/ali_charts/status/1841061299100287285″ target=”_blank” rel=”noopener nofollow”>technical analysis in xwhich features a chart that highlights a significant trend: Historically, every major bitcoin rally has started in October during the halving years.
According to this analysis, bitcoin has initiated parabolic bull runs every October following halving events, and many believe this cycle should follow suit. This historical data has led numerous traders and investors to hold on to their coins, trusting in the possibility of a resurgence.
This strategy could prove lucrative for some and potentially generate substantial profits. On the contrary, it could also spell trouble for overly optimistic people, especially if btc fails to meet these expectations.
As October progresses, the market remains in a state of suspense. Traders know that the next few weeks will be pivotal in determining bitcoin's trajectory.
While the possibility of a bull run looms, risks of increased volatility and corrections remain, making it a crucial time for those investing in this dynamic asset. The interplay between historical patterns and current market dynamics will soon shape the fate of btc.
btc tests crucial demand
bitcoin is trading at $61,350 after facing resistance at the 200 4-hour EMA at $61,645. The price remains above the 4-hour 200-period moving average (MA) at $60,363, a crucial support level for bulls looking to regain strength.
btc must break above the EMA and test higher supply levels, particularly around $66,000, to continue the uptrend. If successful, this could signal strong bullish momentum heading into the coming weeks.
However, failure to hold above the 200 4-hour MA could lead to a deeper correction, with potential targets around $57,500 or even lower. Traders are closely monitoring these key indicators as the current price action reflects a critical juncture for bitcoin.
The next few sessions will likely determine whether the bulls can regain control or a downtrend will take hold. Investors should remain vigilant as volatility may increase, influencing market sentiment and price direction. The interplay between these technical levels will be essential for traders navigating the uncertainty of the crypto market.
Featured image of Dall-E, TradingView chart
