3 Reasons Bitcoin (BTC) Could Take Off This Month: Details

TL; DR

Despite the recent volatility, many indicators suggest that BTC may enter a bullish phase. On the other hand, an important element suggests a strong pullback in the short term.

Is ‘Uptober' still in the cards?

It has Bitcoin (BTC). It has passed Heavy volatility since early October, outperforming some expectations. Above all, It's going on. The month was historically a positive period for the entire cryptocurrency industry, so it is known in the community as “Aptober”.

Currently, BTC is trading south of $61,000, down 5% on the 10-day scale. However, some important parameters show that it can pick up again. Let it be on the horizon.

According to CryptoQuant, BTC exchange flows are abundant. It has passed Earnings in the last week. As shown in the chart below, we have seen it happen in the past few days Huge Red candles, indicating a possible shift from central platforms to self-sustaining mechanisms. This It can be seen. A bullish sign as immediate selling pressure eases.

Next on the list is BTC MVRV (market value to real value), which is very recent He came down Bottom 2. Readings below this mark indicate that the market is in an accumulation phase, indicating buying opportunities.

last one But at leastWe will touch on Bitcoin's Relative Strength Index (RSI). The momentum oscillator, which measures the speed and price movement, is close to the bullish zone 30 on October 9 and is currently placed at around 38. Flash “Offer to buy” sign.

Something for the bears

in contrast The reasons mentioned above There is a hint on the contrary, suggesting a price revival. According to X user Ali Martinez, this is an increased activity from whales. It has been sold Or redistributed 30,000 BTC in the last 72 hours (almost $1.9 billion).

The development will increase the supply of the main cryptocurrency, which may lead to a higher valuation (assuming that demand is not related to the velocity).

Additionally, the actions of such large investors can create panic among smaller players, causing them to dump their holdings and pull back.