Bitcoin Price Prediction for October from a Respected Crypto Analyst

Historically, October has been a favorable month for Bitcoin (BTC) and the broader cryptocurrency market.

In October 2023, Bitcoin experienced a notable increase of 28%, marking its second-best monthly performance of the year, following January’s impressive gain of nearly 40%. Since 2011, October has delivered positive returns at least nine times.

An experienced crypto investor known as “Jelle” recently expressed optimism about the market’s potential this month, raising hopes among enthusiasts.

He pointed out a recurring trend where Bitcoin often displays a resurgence after a sluggish September, typically beginning its upswing in October.

Jelle stated, “In previous bullish markets, Bitcoin has utilized the summer months to gather strength, with upward movements commencing in October, usually around the 2nd or 3rd week. I anticipate that this year will follow the same pattern.”

In the past bull-years, #Bitcoin has taken the summer to recharge, preparing for the next leg higher.

All of those new legs higher started in October – breaking out in the 2nd or 3rd week of the month.

I don’t think this year is different.

Final shakeout before new highs. pic.twitter.com/CXEHhebEMU

— Jelle (@CryptoJelleNL) October 1, 2024

His analysis suggests that Bitcoin might see a higher low before embarking on a climb toward new all-time highs. He forecasts that this could happen at the start of the fourth quarter, with the potential for Bitcoin to achieve new records in the next two to three weeks.

The analyst recently highlighted a consistent pattern that Bitcoin tends to follow during bullish cycles. He noted that weak momentum in September often gives way to an upswing in October.