Top Reasons Why Bitcoin (BTC) Price Might Enter Bullish Trend in October

By Qadir AK 29 September 2022 | 11:45 am

Top Reasons Why Bitcoin (BTC) Price Might Enter Bullish Trend in October

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 information kaleo co-founder at LedgArt Kaleo EntrepreneurInvestorMarket Analyst Followers : 0 View profile , 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.

So, in the midst of all of the doom – this is just a reminder that in the world of Bitcoin the 4.3% decline we've seen this month:

1) Is normal for September

2) Slightly lower than the median change for Sept over the past decade of -6.3%

3) Opens the door for healthy Octobers pic.twitter.com/GCeKmhx5Jg
— K A L E O (@CryptoKaleo) September 26, 2022

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%.

There are plenty of advocates for lower prices still, which honestly isn't insane considering BTC's average decline from ATH over the past several cycles.

ATH to bear market low each of the previous cycles:

2011 – 2012: -94%
2013 – 2015: -86%
2017 – 2019: -84%
2021 – now: -75%
— K A L E O (@CryptoKaleo) September 26, 2022

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.

While it's more difficult for an asset that's grown hundreds of billions of dollars to experience the same level of volatility it did at lower market caps, a wick lower from here would be anything but unprecedented.
— K A L E O (@CryptoKaleo) September 26, 2022

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.

Takeaways:

While past performance is no guarantee of future results, it might be worth it to step away from the charts for a few days and come back to look for solid entries at the beginning of October.

Hopefully the trend holds up, and we see a bit of relief sometime soon.
— K A L E O (@CryptoKaleo) September 26, 2022

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