BTC Price Gains $36K FOMC Target As Bitcoin Prints 29% ‘Uptober’
Bitcoin (BTC) saw its highest monthly close since May 2022 after “Uptober” delivered nearly 30% BTC price gains.
The monthly close raises the prospect of a Bitcoin bull market
Data from Cointelegraph Markets Pro and TradingView confirm that the Bitcoin bulls have successfully persisted until November 1st.
After navigating a tough business environment in the middle of the month, the hosts were held in a final similar to the first split in October.
The monitoring resource CoinGlass thus made October 2023 the second best performing month. Bitcoin gained 28.5%, just following January's 39.6%.
In response, prominent trader Blutz warned of how much discounting “higher timeframe weekly variation” can do.
“I believe this current will be similar to October 2020 and April 2019,” he wrote in part in X's post around the monthly shutdown.
In both cases, BTC/USD has entered a new phase of collapse, which will remain upside down for several months.
Striking a similar note, fellow social media trading personality Mustache observed the TK crossover indicator for a rare bull market trigger.
TK Crossover gets its name from the trade mark on the Ichimoku Cloud, which includes its two trend lines, Tenkan-Sen and Kijun-Sen.
#Bitcoin
The October monthly close is just a few hours away.
-The last 3 times $BTC closed above the inversion line () in the TK cross indicator, we see a bull run in the coming months (at least ~300 days).
Send it up. pic.twitter.com/pvWrwm0XG7
— ⓗ (@el_crypto_prof) October 31, 2023
On a slightly more conservative note, material indicators for monitoring inputs on the chain indicated that the pace of bullishness, while still decelerating compared to last month.
“We're still waiting for the $33k retest, although we may not see it after the $36k retest,” he told X subscribers alongside data from his proprietary trading tools.
The trader saw a $36,000 BTC price after the FOMC “fake exit”.
Meanwhile, volatility remains on the menu for market participants, with the main macroeconomic event of the week due later in the day.
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This is in the form of the United States Federal Reserve's interest rate policy in experimental inflation. Federation Chairman Jerome Powell will speak and hold a press conference.
As Cointelegraph reports, market expectations are for the Federal Open Market Committee (FOMC) to maintain levels at the current, albeit elevated, level.
According to the latest data from CME Group's FedWatch Tool, the odds of that event are currently around 98%.
Prominent crypto trader Tony, commenting on potential knock-on effects for BTC's price action, sees “more volatility and more movement as the conversation starts and data comes out.”
“I personally expect a pause and no walk, so I expect to see $36,000 hit on this data following the initial false exit,” he said, joining calls for the $36,000 mark.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
