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- The bitcoin price is struggling to surpass the $27,800 mark.
- Historically, bitcoin has performed well in October over the past decade.
Market analyst Rekt Capital suggests that another significant decline may occur before the next halving, as Bitcoin’s price patterns in 2015 and 2019 showed considerable drops during this period.
In a subsequent update, the analyst mentioned plans to dollar-cost-average into Bitcoin throughout the Pre-Halving phase, expecting a sharp upward movement right after the halving.
Historically, bitcoin has performed well in October over the past decade. In 2021, Bitcoin’s value surged by 39.93%, following a notable increase of 27.7% in 2020. Looking back to October 2017, there was a positive increase of 47.81% by the end of the month.
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Bulls Striving Hard
As of this writing, BTC is priced at $27,630, reflecting a 0.17% increase in the past 24 hours according to CMC data. Additionally, trading volume has risen by 10.88%. Despite a recent pullback, the price has increased by 2.03% over the last week and 7.46% over the past month.
Source: CoinMarketCap
The bitcoin price is struggling to surpass the $27,800 mark. Following a downward correction, the bitcoin price attempted a new rise from the $27,200 support level. At the time of writing, Bitcoin (BTC) has regained the $27,500 resistance level.
If the price succeeds in breaking through the $27,800 level, it may then test the $28,500 resistance level. Should bulls manage to push the price above this threshold, it could potentially reach the $30,490 area. Conversely, if the price falls below the $27,280 level, it may decline further to test the $26,070 support level.
