Bitcoin All-Time High Loading Despite Bearish Pressure, Predicts Analyst

U.Today - The road to a new all-time high (ATH) is filled with a plethora of obstacles for Bitcoin (BTC). From geopolitical issues to monetary policies and socioeconomic hurdles, a major price breakout looks like a far-fetched idea. This is a serious concern especially in the month of October, also known as "Uptober" in the crypto community.

October is a crucial month for the Bitcoin price, and if history is any guide, BTC has usually performed pretty well at this time of year. However, the first three days of October have been discouraging so far. As expected, the crypto community was quick to change its expectations, as they have renamed their so-called favorite month to "Rektober."

While Bitcoin's price performance has been on the bearish side so far, some analysts are still believing in the "Uptober" theory. For instance, renowned analyst Jelle has shared his positive Bitcoin price prediction. He still believes that a notable price breakout is in the cards for the largest cryptocurrency on the market.

New ATH in October?Jelle took to X (formerly Twitter) to tell his 91.9K followers that all is not lost for Bitcoin. He explained that bull market summers are typically choppy in nature. The analyst said that this year has also been the same so far. By "choppy," he means a period of consolidation and consistent price dips after a brief period of rallies. However, Jelle gave his followers good news.

He said that the Bitcoin price historically breaks out of the consolidation range in the second or probably the third week of October. If this happens, there will be no debate, and October will finally be crowned as "Uptober," or the best month for the market. In concluding his analysis, Jelle mentioned that if this historic pattern repeats itself, then the market is going to witness a new all-time high for Bitcoin later this month.

Source: Investing.com