The post Top Reasons Why Bitcoin (BTC) Price Might Enter Bullish Trend in October appeared first on Coinpedia Fintech News
The two largest cryptocurrencies by market cap, Bitcoin and Ethereum, both have surged nearly 4%. Yet both the currencies are still below their key resistance level of $20,000 and $1,400 respectively.
At the time of publication, Bitcoin is selling at $19,519 after a surge of 4.22% over the last 24hrs and Ethereum is trading at $1,341 with a jump of 4.55% in the last 24hrs.
Meanwhile, one of the popular crypto strategists and traders is considering Bitcoin’s previous price action and claims that the currency will have a bullish price action for October.
The analyst who is anonymously known as Kaleo, informs his 535,900 admirers over Twitter that Bitcoin is about to enter the much-needed bull run soon. He says that the month of September has been one of the worst, but he believes October to be a silver lining for BTC.
As per most market experts, September month has always been a bearish month for Bitcoin. However, Kaleo feels that the upcoming month will attract some positive gains.
The main reason for a positive October will be the increased Bitcoin adoption and high growth.
Bitcoin Price Down By 75% From ATH
When Bitcoin’s all-time high of $69,000 is considered which was hit in November 2021, Bitcoin has dropped nearly 75% of its value. The strategist also tries to give a yearly decline rate chart starting from 2011-12 where Bitcoin dropped 94% and ends it with 2021 and present as BTC plunged by 75%.
However, the analyst also warns that Bitcoin’s lower levels might be just around the corner, but the currency with the highest market cap might not see much of a downward trend.
Kaleo wraps up his analysis with a statement that it’s not advisable to rely much on the previous price trends as it doesn’t guarantee future price action.