{"id":646270,"date":"2024-10-05T02:00:14","date_gmt":"2024-10-05T02:00:14","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=646270"},"modified":"2024-10-04T11:28:09","modified_gmt":"2024-10-04T11:28:09","slug":"october-2023-2024-bitcoin","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/bitcoin\/october-2023-2024-bitcoin\/","title":{"rendered":"Similarities Between October 2023 And 2024 Suggests The Bitcoin Price May Still Experience &#8216;Uptober&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin has yet to rally in October, with <\/span><a href=\"https:\/\/www.uniquehot.com\/bitcoin-news\/bitcoin-price-dip-explained-key-causes-and-where-to-expect-a-bounce-back-to-70000\/\"><span style=\"font-weight: 400\">many bullish proponents<\/span><\/a><span style=\"font-weight: 400\"> awaiting the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-mvrv-trend-could-suggest-btc-cycle-top-yet\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">resumption of an uptrend<\/span><\/a><span style=\"font-weight: 400\">. Among those closely monitoring the price action in anticipation of an uptrend is a well-known analyst on the social media platform X. This analyst, who goes by the name <\/span><a href=\"https:\/\/x.com\/Ashcryptoreal\/status\/98992184\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ash Crypto,<\/span><\/a><span style=\"font-weight: 400\"> recently highlighted a striking similarity between Bitcoin&#8217;s current price behavior and a notable pattern observed earlier in 2023. Ash Crypto pointed to Bitcoin&#8217;s decline in early October 2023, which ultimately reversed into a multi-month rally to its current all-time high.<\/span><\/p>\n<h2>Explaining The Similar Price Action<\/h2>\n<p><span style=\"font-weight: 400\">October 2023 was the turning point for the price of Bitcoin and many cryptocurrencies. It was during this month that the crypto industry finally broke out of a lengthy bear cycle, with Bitcoin heralding the charge toward renewed optimism and significant price gains.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/meme-coin\/solana-bonk-legendary-rally\/\">Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally<\/a><\/div>\n<p><span style=\"font-weight: 400\">For the first time since January, Bitcoin&#8217;s market capitalization surged by an impressive 28.52%, sparking a shift in market dynamics that rippled throughout the industry. Although altcoins followed a similar upward trajectory, their gains were modest compared to Bitcoin. However, their collective impact was able to push the entire cryptocurrency market capitalization past the $1.25 trillion mark for the first time since May 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, while October 2023 was the start of the new bull cycle, what most investors don&#8217;t know or have forgotten is that the month started on a negative note. As <\/span><a href=\"https:\/\/x.com\/Ashcryptoreal\/status\/71375961\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ash Crypto pointed out<\/span><\/a><span style=\"font-weight: 400\">, the price of Bitcoin dropped by 7.5% in the first week of October 2023. According to the BTC\/USD price chart, this decline saw the price of Bitcoin fall below $26,500. However, it soon rebounded from this point. By the end of October 2023, Bitcoin had rallied to close the month at over $35,000, representing a remarkable 33% increase from the month\u2019s low.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Fast forward to October 2024, and it appears that Bitcoin is once again repeating its pattern from the previous year. At the start of the month, Bitcoin was trading just below $64,000, a strong position given its recent bullish trends. However, in a movement similar to October 2023, the cryptocurrency experienced another sharp decline, this time dropping by 6.5% within the first three days. Notably, the price briefly touched $60,750 during this period.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-1800-time-to-long\/\">Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long?<\/a><\/div>\n<h2>What Does This Mean For Bitcoin?<\/h2>\n<p><span style=\"font-weight: 400\">If history were to repeat itself in full, Bitcoin could maybe or maybe not drop a little bit more before rebounding to the upside. According to Ash Crypto&#8217;s projection, a similar 33% surge would see Bitcoin shooting above its current all-time high, with a monthly close right in the middle of $75,000 and $76,000.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin has <\/span><a href=\"https:\/\/www.uniquehot.com\/bitcoin-news\/analysts-unfazed-by-bitcoin-btc-drop-but-should-we-fear-october-5\/\"><span style=\"font-weight: 400\">recovered a bit <\/span><\/a><span style=\"font-weight: 400\">and is now trading at $61,580. Despite this early setback, many bullish investors are keeping a close eye on Bitcoin in anticipation of Uptober coming to fruition.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/FjUYYTXn\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price above $61,000 once again | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has yet to rally in October, with many bullish proponents awaiting the resumption of an uptrend. Among those closely monitoring the price action in anticipation of an uptrend is a well-known analyst on the social media platform X. This analyst, who goes by the name Ash Crypto, recently highlighted a striking similarity between Bitcoin&#8217;s current price behavior and a notable pattern observed earlier in 2023. Ash Crypto pointed to Bitcoin&#8217;s decline in early October 2023, which ultimately reversed into a multi-month rally to its current all-time high. Explaining The Similar Price Action October 2023 was the turning point for the price of Bitcoin and many cryptocurrencies. It was during this month that the crypto industry finally broke out of a lengthy bear cycle, with Bitcoin heralding the charge toward renewed optimism and significant price gains. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally For the first time since January, Bitcoin&#8217;s market capitalization surged by an impressive 28.52%, sparking a shift in market dynamics that rippled throughout the industry. Although altcoins followed a similar upward trajectory, their gains were modest compared to Bitcoin. However, their collective impact was able to push the entire cryptocurrency market capitalization past the $1.25 trillion mark for the first time since May 2022. However, while October 2023 was the start of the new bull cycle, what most investors don&#8217;t know or have forgotten is that the month started on a negative note. As Ash Crypto pointed out, the price of Bitcoin dropped by 7.5% in the first week of October 2023. According to the BTC\/USD price chart, this decline saw the price of Bitcoin fall below $26,500. However, it soon rebounded from this point. By the end of October 2023, Bitcoin had rallied to close the month at over $35,000, representing a remarkable 33% increase from the month\u2019s low. Fast forward to October 2024, and it appears that Bitcoin is once again repeating its pattern from the previous year. At the start of the month, Bitcoin was trading just below $64,000, a strong position given its recent bullish trends. However, in a movement similar to October 2023, the cryptocurrency experienced another sharp decline, this time dropping by 6.5% within the first three days. Notably, the price briefly touched $60,750 during this period. Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long? What Does This Mean For Bitcoin? If history were to repeat itself in full, Bitcoin could maybe or maybe not drop a little bit more before rebounding to the upside. According to Ash Crypto&#8217;s projection, a similar 33% surge would see Bitcoin shooting above its current all-time high, with a monthly close right in the middle of $75,000 and $76,000. At the time of writing, Bitcoin has recovered a bit and is now trading at $61,580. Despite this early setback, many bullish investors are keeping a close eye on Bitcoin in anticipation of Uptober coming to fruition.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":646282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-646270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Similarities Between October 2023 And 2024 Suggests The Bitcoin Price May Still Experience 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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