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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/btc-price-heres-how-bitcoin-price-can-surge-above-29k-in-october/">BTC Price: Here’s How Bitcoin Price Can Surge Above $29K in October</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) has been facing significant challenges recently as its price dipped below the $27,000 mark due to the Fed’s interest rate pause and the Bank of England’s rate cut. While it managed to hold above a crucial support level of $26.5k on Friday, the cryptocurrency market eagerly awaits a bullish catalyst to reverse the current bearish trend.</p> 
<h2 class="wp-block-heading" id="strong-btc-price-strong-analysis"><strong>BTC Price</strong> Analysis</h2> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <br><br>Historically, October tends to be a very positive month for Bitcoin<br><br>But given how similar 2023 has been to 2019…<br><br>It's surprising how little attention has been given to the possibility of seeing a 2019-like October price reaction next month<br><br>In October 2019, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>… <a href="https://t.co/vQavMMHgCn" rel="noopener noreferrer nofollow">pic.twitter.com/vQavMMHgCn</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1705181436452458950?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 22, 2023</a> 
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<p>Crypto analysts at Rekt Capital have closely monitored Bitcoin’s price action and identified some interesting patterns. They suggest that Bitcoin might be gearing up for a price movement similar to what occurred in 2019. Their analysis notes that historically, September of the pre-halving year tends to be bearish for the crypto market, while October has often shown bullish tendencies.</p> 
<p>Rekt Capital argues that there’s a high probability of Bitcoin experiencing a 10 percent breakout towards the $29.2k mark in October 2023. </p> 
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 <p>They state, “If Bitcoin rallies +10% this coming October 2023, that would see the price revisit $29,200. In such a scenario, BTC could form a long upside wick beyond the Lower High resistance (yellow) before potentially rejecting again to confirm this current move as a relief rally.”</p> 
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<h2 class="wp-block-heading" id="h-bitcoin-halving-prediction">Bitcoin Halving Prediction</h2> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <br><br>My plan is to dollar cost average for the remainder of the Pre-Halving period in preparation for the parabola after the Halving<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/9O7smoHNpR" rel="noopener noreferrer nofollow">pic.twitter.com/9O7smoHNpR</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1705202710159471017?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 22, 2023</a> 
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<p>Looking beyond the short-term price movements, Rekt Capital also considers the upcoming fourth Bitcoin halving, approximately 220 days away. They highlight that extreme scenarios like a return to the all-time high (ATH) or a new bear market low are unlikely. As a result, they suggest that dollar-cost averaging (DCA) may be the best strategy for investors as they prepare for the potential upcoming parabolic move.</p> 
<p>In summary, Bitcoin’s price remains uncertain in the short term, but Rekt Capital’s analysis suggests a possible bullish breakout in October 2023. However, they advise a cautious approach and recommend DCA as a prudent strategy given the upcoming halving event.</p>

BTC Price: Here’s How Bitcoin Price Can Surge Above $29K in October

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