Positive Moves Set To Make October A Very Bullish Month For Bitcoin

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At the moment, it would seem that the entire crypto community is generally hoping for a new Bitcoin rally, possibly pushing it past its current all-time high, as many analysts have opined in the past.

Bitcoin and the rest of the market had a terrible 2018 with the bear market stretching into 2019. However, the winter seemed to end in April and by June, Bitcoin was swelling in large enough percentages, leaving everyone carried away.

Sadly, this surge didn’t last nearly as long as anyone would have liked, as the number one coin entered into a very long consolidation period so much so that its realized volatility, according to market analyst Skew, is now very low and as only moved about 1.2% in the last ten days.

The interesting thing here is that history suggests that the market could begin to prepare for a Bitcoin surge when realized volatility drops to current levels. Skew, in a different tweet, also explains that the current volumes at the CME Bitcoin futures are at its lowest since May.

All of these, especially the specifics of current Bitcoin trade volumes hovering around 42% of recorded figures in June/July, it could make sense that Bitcoin is just about ready for a proper surge very soon.

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Everyone Agrees

Not that it’s surprising, but analysts, as well as the whole community, are looking to celebrate another rally pretty soon. Crypto Hamster, for example, has projected that if the king coin’s one-day Stochastic RSI confluence is considered, the minimum expectation for Bitcoin in the near future, should be “at least a temporal rise” above the coin’s 2019 high of $14,000.

Another analyst, Crypto Welson, has a forecast a little more bullish than Crypto Hamster’s.  According to the analyst, Bitcoin is currently consolidated at the lower ends of a trajectory measured as far back as 2016.

This level has in the past, turned out to be specifically important for a Bitcoin rally as the coin broke out into a run from here, and didn’t go any lower. If we’re to believe CryptoWelson, October will probably shoot Bitcoin into “new yearly highs” and maybe a new all-time high.

Away from specific technical analysis and general bullish sentiments from the community, a lot of hope also rests on Bakkt, which is expected to launch on Monday the 23rd. Hopefully, Bakkt will make up for anything else analysts may have missed and we just might see a major rally before the year runs out.