Despite recent market volatility and ongoing bearish patterns, Yann Allemann, co-founder of analytics company Glassnode, hypothesises that a Bitcoin (BTC) rebound may be in the works.
Bitcoin’s struggle to maintain above the $26,000 support level after falling from highs above $27,500 is a key indicator of the present market circumstances.
In spite of this, Allemann and other market experts believe that October will be a good month for Bitcoin, pointing to historical data and market trends in support of their predictions.
Bitcoin’s breakout month
As a result of its inability to break through the $27,500 resistance zone and slipping below significant support levels, Bitcoin is currently moving into a negative zone.
The current pattern can be ascribed to a general lack of liquidity as well as the hesitation of normal investors who worry about suffering significant losses should the prices fall below the $25,000 threshold.
The emergence of positive tendencies, however, that are reminiscent of significant market moves like the China pump in 2019 are predicted by historical precedents and market patterns to occur in October. This contrasts the present negative patterns with anticipated bullishness in the future.
Q4 revival?
A well-known cryptocurrency service company, Matrixport, adds to the upbeat story by predicting that Bitcoin may reach $37,000 by the end of 2023. The forecast is based on the leading cryptocurrency’s usually impressive performance in the last quarter.
According to CoinGecko statistics, Bitcoin is presently just above the $26,000 mark.
