Bitcoin has made a solid move back above the $63,000 level, wrapping up the week on a high note. As of Sunday, it’s trading at $63,700, which means we’re seeing an almost 3% rise over the past 24 hours. After a bit of a hick-up at the start of the month, this uptick has sparked new optimism for what many are calling ‘Uptober‘, with hopes that this month could continue to be positive for Bitcoin holders.
According to analyst Benjamin Cowen, Bitcoin has “closed the weekly candle slightly above the bull market support band.” If you’re wondering what that means, the bull market support band is basically a technical indicator that traders use to identify whether Bitcoin is still in an uptrend. Closing above this band suggests that Bitcoin is holding steady, potentially setting us up for more gains in the short term.
A wick below it last week, but #BTC closed the weekly candle slightly above the bull market support band https://t.co/PbcOtIaIES pic.twitter.com/KgLGEADfFe
— Benjamin Cowen (@intocryptoverse) October 7, 2024
Another voice in the community, ‘Jay,’ shared some interesting data with his followers. He noted that Bitcoin tends to bottom out around 3-4 days into October. Historically, from that low point to the end of the month, Bitcoin has often seen a rise of about 32% (or even 36% if we ignore the negative Octobers). Jay pointed out that Bitcoin hit $59.8K on October 3rd after a sell-off. If Bitcoin follows a similar 30% rise from that point, we could end the month around $77.7K. However, while past trends can give us some clues, they don’t guarantee the future. So, it’s always a good idea to stay cautious.
BTC typically bottoms 3-4 days into October
From the bottom to the end of October, BTC is up 32% (36% if you exclude Octobers that have a negative return)
We tagged 59.8K on Oct 3 after a sell off
If we return 30% on 59.8K, we will end the month at 77.7K pic.twitter.com/9Wirjz9zuG
— jay (@0xjaypeg) October 6, 2024
Credible Crypto, another widely followed analyst with over 400K followers, also weighed in on the situation. He mentioned that Bitcoin didn’t go for the recent lows and instead moved up to test the first of two areas where we might see some resistance. He advised caution at this stage, as the market could still turn either way. It’s a good reminder for us all to keep an eye on how things develop and not get too carried away.
Didn't go for the lows and instead we've now nearly pushed up to the 1st of 2 low timeframe rejection regions (green path).
This just means we have to be even more cautious here sooner rather than later.
Let's see how things develop.$BTC https://t.co/AxKjdpDGM3 pic.twitter.com/jKP64Bj7u1
— CrediBULL Crypto (@CredibleCrypto) October 7, 2024
So, while there’s definitely reason for some excitement as Bitcoin pushes higher, we have to keep in mind that things can change quickly in this market. Uptober might be off to a good start, but staying informed and cautious is the best strategy.
Follow us at HowToBuyBitcoin.org for all the latest on Bitcoin!