itcoin">Bitcoin (BTC) has been enjoying a successful run so far in October, surging to a 6-week high above $28,000. However, some analysts caution the rally could reverse by month’s end, giving way to a significant price correction.
After starting October strong, itcoin">Bitcoin sits at around $26,000 at press time. While bullish sentiment prevails for now, experts urge restraint given the chance of a downturn.
Popular analyst CryptoBullet points to a developing head and shoulders pattern as evidence itcoin">Bitcoin could decline dramatically in the second half of October. He suggests BTC could drop to a range of $19,000-$20,000, designating it as a “buy zone for those who missed the bottom last year.”
CryptoBullet’s prediction echoes a late-September analysis from CryptoQuant. The firm argued itcoin">Bitcoin often sheds value after major gains, similar to its performance in 2020 and 2021. They believe this cycle may repeat based on current volatility.
Though gloomy short-term, analysts say bullish investors could prevent a lasting drop. But preventing a retracement below $19,000 will require actively holding the line.
Lingering fears persist that negative news could compound selling pressure on itcoin">Bitcoin. While disputed, many expect at least some institutional profit-taking resulting in a decline.
For now, the path forward remains uncertain. However, analysts argue evidence points to itcoin">Bitcoin stabilizing in October before kicking off a fourth-quarter rally. That makes the coming weeks crucial for bulls to defend against a long-term trend reversal that could erase recent progress.
