Bitcoin

Rekt

<ul>
 <li><strong>Bitcoin’s (BTC) price stabilized and found strong support at the $27,500 range.</strong></li>
 <li><strong>Since 2011, Bitcoin has experienced cumulative growth surpassing 20,000,000%.</strong></li>
</ul>
<p>As October dawns upon the crypto world, historical data suggests that Bitcoin (BTC) may be gearing up for a potentially bullish month. The oldest crypto gem has often witnessed an <a href="https://thenewscrypto.com/bitcoin-btc-price-striving-hard-post-brief-retracement/" target="_blank" rel="noopener noreferrer nofollow">upswing</a> in its fortunes during this time of the year, igniting hope among investors after a challenging few months.</p>
<p>Bitcoin found a solid support base around the $27,500 mark following a recent correction, and it has since embarked on a fresh uptrend, breaking through the $27,600 level. The question now looms – could this be the beginning of the next bullish run?</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="487" src="https://thenewscrypto.com/wp-content/uploads/2023/10/Bitcoin-1024x487.png" alt="" class="wp-image-83373" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/Bitcoin-1024x487.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/Bitcoin-300x143.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/Bitcoin-768x365.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/Bitcoin-150x71.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/Bitcoin.png 1337w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin (BTC) Monthly Returns (Source: CoinGlass)</em>
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<p>Over the past decade, October has consistently proven to be a favorable month for Bitcoin. In 2021, BTC surged by 39.93%, while 2020 saw a substantial increase of 27.7%. Going back a bit further to 2017, October concluded with a bullish surge of 47.81%.&nbsp;</p>
<p>The year 2015 also saw Bitcoin participate in the October rally, where it <a href="https://thenewscrypto.com/will-uptober-pump-bitcoin-past-30000/" target="_blank" rel="noopener noreferrer nofollow">gained a substantial</a> 33.49%. However, the most notable October performance occurred in 2013, when Bitcoin recorded its most significant gain yet, with a staggering leap of 60.79%.</p>
<p>Further, according to data analysis platform CoinGlass, Bitcoin has outperformed major US stock indices, since 2011. Its cumulative growth has exceeded 20,000,000%, while the Nasdaq 100 Index and other significant indices have seen growth rates of only 541% and 282%, respectively.</p>
<h2 class="wp-block-heading" id="h-bitcoin-btc-returns-to-the-golden-trend">Bitcoin (BTC) Returns to the Golden Trend?</h2>
<p>At the time of writing, Bitcoin is trading at $27,637, marking a 1% increase in the last 24 hours. Notably, the cryptocurrency’s price is currently above the 50-day Exponential Moving Average (EMA), a technical indicator often used to gauge trends. Additionally, the Relative Strength Index (RSI) is hovering near the neutral zone, suggesting a potential for further price movement.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="524" src="https://thenewscrypto.com/wp-content/uploads/2023/10/BTC-1024x524.png" alt="" class="wp-image-83374" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/BTC-1024x524.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC-300x153.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC-768x393.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC-150x77.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/10/BTC.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin (BTC) Price Chart (Source: TradingView)</em>
  </figcaption>
 </figure>
</div>
<p>If the bullish momentum persists, Bitcoin could <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">potentially surge</a> to levels of $27,813, $30,979, or even reach as high as $37,888. However, if the trend were to reverse, Bitcoin might experience a decline to $25,174 or even dip to $24,722.</p>
<p>Further, cryptocurrency analyst Rekt Capital has also weighed in on the current market dynamics. Specifically, he emphasized the potential for a Bitcoin retracement. Rekt Capital has observed historical retracements within the range of 24% to 38% and highlighted the current possibility of a 30% retracement in Bitcoin’s price.</p>

Uptober: A Promising Month for Bitcoin (BTC)?

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