September is traditionally considered the worst month of the year for Bitcoin, and investors are looking forward to a more successful October. By analyzing current trends in the cryptocurrency market, analysts are making their forecasts for Bitcoin for the coming month.
When Will Bitcoin Rise?
Bitcoin (BTC) has reclaimed the $60,000 mark, but it’s still too early to celebrate as it has yet to convert $61,700 into support. The significant movement will commence once the price breaks through the volume-rich zone between $63,000 and $65,000. This will enable BTC to potentially elevate its 2024 peak of $73,777. Crypto analyst Daan Crypto Trades highlighted a promising detail for October: the Coinbase BTC premium. It serves as a crucial indicator of U.S. demand. If it climbs into positive territory, we might infer increased risk appetite from U.S. investors. To declare a reversal from declines, this premium must first hit a low in negative territory.
Short-Term Expectations for Bitcoin
Another crypto analyst, Altcoin Sherpa, suggested that while a minor pullback may occur, the recent recovery could differ from previous patterns. Noting a neutral stance in the short term, the analyst reiterates a bullish outlook for medium and long-term periods. Continued consolidation of Bitcoin at higher levels, along with excessive selling at resistances, could shift market dynamics.
Investors are closely monitoring developments in the Bitcoin market, based on key indicators and analytical forecasts. October could be a decisive month in determining Bitcoin's future direction.
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