Bitcoin Celebrates 'Uptober' with 30% Price Surge; Traders Anticipate Volatility Ahead
Summary:
October 2022, dubbed as "Uptober," saw Bitcoin (BTC) recording its highest monthly close since May, marking an almost 30% price gain. Bitcoin managed to sustain this upward trend into November, turning October into the second most successful month of 2023. Celebrated traders foresee a trajectory similar to the bull market phases of October 2020 and April 2019, but on-chain analytics indicate a gradual slowdown in bullish momentum. Factors such as the US Federal Reserve's interest rate policies and challenging inflation dynamics are predicted to bring volatility and significant market movements.
In the culmination of October 2022, often referred to as "Uptober," Bitcoin (BTC) recorded its highest monthly closing since May, with an almost 30% increase in BTC price. Data provided by Cointelegraph Markets Pro and TradingView illustrates that Bitcoin bulls managed to maintain this upward trend till the dawn of November. Despite a fairly volatile mid-month trading phase, Bitcoin enthusiasts were rewarded with a closing act that drew parallels with October's initial surge. CoinGlass further outlines that October stands as the second most successful month for Bitcoin in 2023, witnessing a 28.5% gain, second only to January's 39.6%.
A widely known trader, Bluntz, shared his insights, warning against underestimating what seemingly is a "high timeframe weekly range breakout." Drawing comparisons to the surges of October 2020 and April 2019, he anticipates a comparable trajectory this time around. During both these instances, BTC/USD transitioned into a new bullish phase that sustained for several months.
Echoing similar sentiments, trading influencer Moustache turned to the TK Crossover indicator for potential signs of an infrequent bull market initiation. Moustache explains that the TK Crossover—named after a trading signal on the Ichimoku Cloud that involves two trendlines, Tenkan-sen and Kijun-sen—created a once-a-cycle bull indicator as October came to a close.
As per on-chain analytics platform Material Indicators, while the bullish momentum is lingering, it seems to be gradually diminishing compared to the previous month. It continues to predict an evaluation of $33k, which may potentially be delayed until after an attempt at $36k.
With the week's predominant macroeconomic event due later today, volatility remains an open card for market players. This event refers to the upcoming disclosure of interest rate policies by the United States Federal Reserve in the face of challenging inflation circumstances. Market predictions currently favor the Federal Open Market Committee's (FOMC) decision to retain rates at their current, significantly heightened levels.
Crypto Tony, a well-followed trader, conjectures that the resultant influence on BTC price activity will bring about fluctuations and significant movements as the discussion unfolds and data gets issued. He predicts a pause with no hikes and anticipates a $36,000 hit on this data, following an initial false downward trend. This reflects a shared anticipation among traders of hitting the $36,000 milestone.
This report does not encompass investment counsel or propositions. Each financial and investment decision carries an inherent risk; therefore, every reader should independently conduct their own research before executing a decision.
Published At
11/1/2023 7:55:29 AM
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