October is generally a favorable month for Bitcoin. In the previous year, the Bitcoin market reported an impressive rise of 28.5% in October. Although, in the initial days of this month, it appeared largely doubtful whether the market could rise up to the general expectation, the way the market has behaved lately indicates that it is too early to rule out any possibility. In the last seven days alone, the market has recorded a notable increase of 5.3%.
Yesterday, the BTC market broke the previous month’s high, marking a monthly high of $66,096. The big question now is: can the newly gained momentum enable the market to break above the Bitcoin all-time high level of $73,000? Listen to what experts have to say!
Bitcoin Approaching Crucial $68K Resistance
Crypto expert Captain Faibik recently shared his optimistic view about BTC’s growth in an X post. His post highlighted the significance of the $68K resistance level. Faibik’s resistance level theory was backed by the chart, which revealed the existence of a wedge pattern. As per his opinion, if the market breaks above this wedge pattern (or above the 68K resistance level), it could reach a level between $88K and $90K.
Consolidation and Key Support Level
Another crypto expert Michael van de Popple, in his X post, shared a similar but slightly different view about the future prospects of Bitcoin. He acknowledged the consolidation in the market. However, he warned about the possibility of the BTC price slipping down to test important levels before continuing its upward momentum. He suggested investors keep an eye on key levels like $64K. He claimed that a test of the $64K level could be a great opportunity to go long, especially for those anticipating a Bitcoin all-time high.
Will Bitcoin Hit an All-Time High This Month?
Yesterday, Bitcoin touched a monthly peak of $66,096. Looking at the daily chart of BTC, what we see now is a bearish candlestick. Now, the price stands at $65,688 – lower than yesterday’s closing price. Considering what the experts suggest, it is important for the price to stay above the level of $64K. If the $64K level holds strong as support and the price rebounds above the key resistance level of $68K, attaining an ATH this month would not seem like a tough task for BTC.
What If BTC Breaks Investor Expectations
What if the price falls below the key support levels? The initial days of this month were extremely unfavorable for Bitcoin, with It even falling as low as $60,323 on October 10. So, no possibility can be ruled out.
Expecting an ATH in November appears more feasible than in October. But as said before, nothing can be ruled out completely.
What do you think? Share your thoughts with Coinpedia!
