Rally

Bitcoin

Rekt

<p><strong>Technical analyst Rekt Capital recently shared some interesting perspectives on Twitter about the potential</strong><a href="https://x.com/rektcapital/status/1705181436452458950?s=20" target="_blank" rel="noopener noreferrer nofollow"><strong> price movement</strong></a><strong> of Bitcoin in October. Rekt Capital has built a reputation for high-quality analysis and a nuanced understanding of cryptocurrency market dynamics. Let’s examine the key points from the recent analysis, the historical precedents for October’s performance, and the possible future outlook for Bitcoin.</strong></p> 
<h2 class="wp-block-heading" id="strong-projection-for-october-2023-a-revisit-to-29200-strong"><strong>Projection for October 2023: A Revisit to $29200&nbsp;</strong></h2> 
<p>Rekt Capital emphasizes that historically, October has been a notably positive month for Bitcoin (#BTC). This observation is crucial as it sets a precedent for potential market behavior, allowing traders and investors to strategize accordingly.</p> 
<p>However, the expert analyst points out the surprising lack of attention given to the possibility of experiencing a price reaction in October 2023, similar to October 2019. During that period, Bitcoin experienced a rally of +10%, a significant movement worth considering for future projections.</p> 
<p>Drawing parallels between 2023 and 2019, Rekt Capital speculates that if Bitcoin were to rally +10% this coming October, the price could revisit the $29200 mark. This scenario could lead Bitcoin to form a long upside wick beyond the Lower High resistance before potentially rejecting it again.</p> 
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<p>This move could confirm the current move as a relief rally, providing a valuable perspective for traders and investors looking to understand the market’s potential direction. The $29200 mark is a pivotal point for market enthusiasts to watch, as it could dictate subsequent market movements and trends.</p> 
<h2 class="wp-block-heading" id="strong-the-possibility-of-another-drop-a-macro-higher-low-perspective-strong"><strong>The Possibility of Another Drop: A Macro Higher Low Perspective</strong></h2> 
<p>The famous Twitter analyst also delves into the discussions surrounding the likelihood of another drop into the Macro Higher Low. Many argue that such a scenario is improbable due to the uniqueness of the March 2020 Black Swan event attributed to the COVID crash. Rekt Capital acknowledges the unprecedented nature of the COVID crash, which <a href="https://x.com/rektcapital/status/1705175484361847059?s=20" target="_blank" rel="noopener noreferrer nofollow">resulted</a> in a -72% drop from the 2019 Local Top to the March 2020 Higher Low.</p> 
<p>However, he posits that Bitcoin doesn’t necessarily need another Black Swan event to retrace -37% over the coming months. If $31000 was the 2023 Local Top, a -37% drop would align with revisiting the Higher Low, offering a different magnitude than the COVID crash.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/historically-october-is-a-good-month-for-bitcoin-expert-expects-this-price-rally/">Historically, October is a Good Month for Bitcoin, Expert Expects this Price Rally</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Historically, October is a Good Month for Bitcoin, Expert Expects this Price Rally

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