As Bitcoin prices approach record highs, which have recently surpassed the $121,000 mark, analysts have become increasingly optimistic about the cryptocurrency trajectory in October, often referred to as “from above.”
According to The Bull Theory analytics team has the potential to reach the price of Bitcoin up to $143,000. This means a potential surge in the remaining 20% of the month.
Bitcoin prices are ready for the October rally
Such predictions may seem ambitious, but historical data support the notion that October is consistently one of Bitcoin’s strongest months. Over the past 12 years, BTC has been closed in Green for 10 years. Powerful performance September and October are worth noting.
This stage appears to be set in another fruitful October, following the recent increase in Bitcoin prices, when a profit of 3.91% was recorded. Bitcoin’s impressive October victory rate was 83%, recording only two losses since 2011.
In 2014, cryptocurrencies fell 12.95% and in 2018 it fell 3.83%. This incredible track record highlights that October is one of the most profitable months for Bitcoin holders, with an average return rate of 20.62%.
The patterns are consistent. Every time September was actively closed, October followed suit. History data From the past few years, it has shown that September green often leads to significant October benefits.
For example, in 2015, Bitcoin price rose 33.49% after an increase of 2.35% in September. Similarly, in 2023, a 3.91% increase in September was a significant increase in October of 28.52%.
Can BTC reach $150,000?
The bullish feelings don’t end there. Both September and October were four of the four instances that were actively closed, and continued to have an upward trend in November. The data will be displayed Consistent profit: In November 2015, after strong October, an increase of 19.27%.
If Bitcoin replicates its historical average revenue of 20.62% this October, it could be priced at around $143,539 on the horizon. Even though it coincided with the median return of 14.71%, investors were able to see a new record just above $136,000.
Market expert Michael Van de Poppe has also sounded about the bullish outlook for Bitcoin prices. he It’s attracting attention It includes several powerful technical metrics, including BTC’s ability to hold a 20-week moving average as support, its ability to break through the $112,000 downtrend, and its best weekly positioning in its history.
Recent performances have seen 11% robust candles each week, further promoting optimism. Furthermore, as Gold is experiencing a critical run, experts suggest that Bitcoin prices seem poised to keep up.
Van de Poppe expresses confidence that as the current trend continues, the market’s leading cryptocurrencies will not only reach $150,000 this year, but will reach their all-time highs within a month.
During the writing, BTC traded for around $121,669, surpassing the all-time high of $124,000.
Dall-E featured images, charts on tradingView.com
