October is a crucial month for the Bitcoin price, and if history is any guide, BTC has usually performed pretty well at this time of year. However, the first three days of October have been discouraging so far. As expected, the crypto community was quick to change its expectations, as they have renamed their so-called favorite month to “Rektober.”
While Bitcoin’s price performance has been on the bearish side so far, some analysts are still believing in the “Uptober” theory. For instance, renowned analyst Jelle has shared his positive Bitcoin price prediction. He still believes that a notable price breakout is in the cards for the largest cryptocurrency on the market.
He said that the Bitcoin price historically breaks out of the consolidation range in the second or probably the third week of October. If this happens, there will be no debate, and October will finally be crowned as “Uptober,” or the best month for the market. In concluding his analysis, Jelle mentioned that if this historic pattern repeats itself, then the market is going to witness a new all-time high for Bitcoin later this month.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
