- Bitcoin approaches a significant intersection point between a 706-day downtrend and a 344-day uptrend.
- Historical data indicates October as a bullish month for Bitcoin since 2011.
- “The confluence of these trends suggests a potential return to the 51-52k range,” experts predict.
As Bitcoin intersects key trends on 28th October, the crypto community and Wall Street investors anticipate pivotal movements, especially with new Ethereum ETFs launching soon.
Bitcoin’s Historical & Future Interplay
On 28th October, Bitcoin reaches a crucial juncture where a 706-day decline trend meets a 344-day uptrend. This intersection point has garnered significant attention from the cryptocurrency community and experts. The last attempt Bitcoin made to breach the $52,000 price level was on 6th December 2021. Since then, it has struggled to surpass this range. It’s intriguing to note that this downtrend, which commenced precisely on 6th December 2021, converges with the uptrend that started with a test at $16,000 on 21st November 2022, right on 28th October. But what does this mean for Bitcoin?
Market Movements: Today and Tomorrow
The clock reads 20:00 UTC on 1st October 2023. Come tomorrow, the start of the week will witness the introduction of 9 Ethereum Futures ETFs for trading by investment firms on Wall Street. With major entities like VanEck offering these ETFs, a high demand is expected. Despite the postponement of spot Bitcoin ETFs, BTC’s price retains stability above $27,000.
October: The Historical Bullish Month
Historically, October has predominantly been a month of ascension for Bitcoin since 2011. Furthermore, bear markets in the traditional financial world have seen about a 50% decline during Octobers since 1950, reiterating the general trend of October being a bullish month. This historical sentiment might influence the market’s perspective and strategies, providing a boost to investor confidence.
Technical Analysis: Deciphering The Crossroads
The intersection point of the declining trend on the charts indicates a potential resurgence to the initial level where the trend began, around the $51-52k region, in the medium to long term. Speculation rises as March approaches, marking the final decision date for the spot Bitcoin ETF. Many analysts project a price range between $25k-$55k leading up to the ETF’s approval. The 706-day declining trend combined with the 344-day rising trend paints a rather optimistic picture. The price should ideally hover above $28k, as per the trends. Notably, the $32,400 mark, which hasn’t been tested in a year and whose short liquidations remain untouched, suggests early targets around $32k, followed by $34k, $37k, $42k, and $45k. The overarching goal of the 706-day downtrend sits at $52k.
Conclusion
As Bitcoin stands at the crossroads of crucial trendlines, the month of October and the impending launch of Ethereum ETFs could significantly impact its trajectory. While historical data and technical analysis hint at an optimistic future, investors should tread with calculated caution, keeping an eye on key resistance and support levels. The stage is set, and the crypto world eagerly awaits Bitcoin’s next move.
