We are now approaching the end of September. Bitcoin and cryptocurrencies are still in calm waters. On the other hand, it is also a fact that we are experiencing the longest bear period in Bitcoin history. Analyst named Twitter Mags reveals the October scenarios for Bitcoin today. Let’s look at the details together.
Critical monthly levels Bitcoin awaits BTC’s move
When examining next month’s Bitcoin outlook, there are several important factors at stake. First, on the monthly chart, BTC made a significant move in March, breaking above the critical $23,400 level. This followed an extended period of 250 days below this key threshold.
However, the upward journey has encountered resistance at the $31,000 mark, a daily resistance zone that poses a formidable challenge for Bitcoin BTC’s rise.
Undiscovered two-month high for Bitcoin
In the middle of this dynamic are two vital monthly levels that Bitcoin has yet to fully explore. According to the analyst, these levels are $35,000 and $23,400. These levels have the potential to determine the cryptocurrency’s trajectory in the coming weeks.
Over the past few months, Bitcoin has been floating in a middle ground characterized by a series of sideways movements. Currently, BTC price is struggling with the $27,275 resistance. On the other hand, it adds further complexity to the short-term outlook.
Two possible scenarios emerge
According to the analyst, when these factors are taken into consideration, two different scenarios emerge. In the first scenario, Bitcoin will continue its recent downward trend. It will also potentially result in another Monthly Red/Black candle. This scenario predicts a pullback for BTC to the $23,400 support level. But it doesn’t stop there. Accordingly, a strong rebound may occur in October and the groundwork may be prepared for a new rise.
In the second scenario, an alternative path involves Bitcoin regaining the $27,275 resistance before the close of the month in September. This move could be a precursor to a proactive move towards the $23,400 support. If this is achieved, a significant break will occur in October. Additionally, potentially Bitcoin will be a new phase in BTC’s journey.
October is full of surprises
The path that Bitcoin will follow in the coming weeks will have important consequences for both the crypto community and investors. Expectations are that history will repeat itself. Accordingly, there is a possibility that October will be bullish.
On the other hand, while Bitcoin and altcoin enthusiasts are waiting for the arrival of October, the real question attracts attention. When we ask as Kriptokoin.com, which scenario do you believe will happen?
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