It's October, or as seasoned traders like to call it, "Uptober." But why is it called that? Since 2013, 80% of Octobers have seen Bitcoin in an upward trend. Bitcoin has a tendency to follow a consistent pattern during October, November, and December, especially following a green September. This year’s green September is particularly noteworthy as it’s only the fourth time it has ever occurred, making it a rare and significant event.
What Will Bitcoin Do in October?
When analyzing Bitcoin’s chart on a larger time frame, a Cup and Handle pattern emerges, dating back to November 2021. The handle began forming in March 2024, representing the current downtrend. Although Bitcoin hasn't yet broken out of this downtrend, there are promising signs that suggest a breakout is near:
1. Uptober momentum.
2. CHoCH (Change of Character), which occurred last week, signaling a trend reversal from bearish to bullish. A CHoCH typically leads to price breaking resistance levels, increasing buying pressure, and initiating an uptrend.
With these factors in mind, it’s reasonable to anticipate that the bulls may soon take control. So, what’s next?
Bitcoin Price Projection
Looking at the chart, the Cup and Handle pattern has already been established:
1. The Cup is formed.
2. The Handle is forming and nearing completion.
What's the price target from this pattern? Based on technical analysis, the projected target is around $300,000. However, this is purely based on technical indicators. Fundamental factors will also play a crucial role in shaping Bitcoin’s future. These fundamental factors include:
1. The Halving Effect (which reduces Bitcoin’s supply).
2. Bitcoin ETF approval (which drives institutional adoption).
3. Donald Trump’s potential election win (which could increase risk appetite and investment in Bitcoin due to pro-business policies).
The combination of these three fundamentals—reduced supply from the halving, increased demand through institutional adoption from the ETF, and favorable market sentiment from Trump’s policies—could result in an amplified, supercharged bull run. We could see massive price gains, record institutional involvement, and the potential for market overheating, making this rally one of the most powerful Bitcoin and the broader crypto market have ever experienced.
What Will Bitcoin Do in October?
When analyzing Bitcoin’s chart on a larger time frame, a Cup and Handle pattern emerges, dating back to November 2021. The handle began forming in March 2024, representing the current downtrend. Although Bitcoin hasn't yet broken out of this downtrend, there are promising signs that suggest a breakout is near:
1. Uptober momentum.
2. CHoCH (Change of Character), which occurred last week, signaling a trend reversal from bearish to bullish. A CHoCH typically leads to price breaking resistance levels, increasing buying pressure, and initiating an uptrend.
With these factors in mind, it’s reasonable to anticipate that the bulls may soon take control. So, what’s next?
Bitcoin Price Projection
Looking at the chart, the Cup and Handle pattern has already been established:
1. The Cup is formed.
2. The Handle is forming and nearing completion.
What's the price target from this pattern? Based on technical analysis, the projected target is around $300,000. However, this is purely based on technical indicators. Fundamental factors will also play a crucial role in shaping Bitcoin’s future. These fundamental factors include:
1. The Halving Effect (which reduces Bitcoin’s supply).
2. Bitcoin ETF approval (which drives institutional adoption).
3. Donald Trump’s potential election win (which could increase risk appetite and investment in Bitcoin due to pro-business policies).
The combination of these three fundamentals—reduced supply from the halving, increased demand through institutional adoption from the ETF, and favorable market sentiment from Trump’s policies—could result in an amplified, supercharged bull run. We could see massive price gains, record institutional involvement, and the potential for market overheating, making this rally one of the most powerful Bitcoin and the broader crypto market have ever experienced.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.