Understanding Market Trends and Future Prediction
Bitcoin price surged over $61,000, after major outflows from U.S. spot Bitcoin ETFs. While, the start of October has been tough for the crypto market, causing Bitcoin to fall 7% from its earlier high of $66,000. Matthew Dixon, CEO of Evai, warns that Bitcoin might drop once more before a significant recovery. He shared a chart similar to one from 2022, hinting that a final dip could be needed before prices rise.
Bitcoin Will See A Last Drop
In a recent tweet, Dixon revisited his 2022 analysis of Bitcoin, where he correctly predicted a drop before the cryptocurrency saw a recovery. Drawing parallels to the current market, Dixon believes Bitcoin is now following a smaller fractal pattern that mirrors the previous scenario.
This suggests that Bitcoin might still face one more decline before completing its correction phase. Dixon’s analysis points out that Bitcoin has been showing signs of volatility.
However, despite this potential drop, he remains optimistic about the future of Bitcoin, predicting that after this correction, a significant upward trend could follow.
Historical Data Hint Bullish Recovery
Polymarket a decentralized prediction market platform has shown mixed sentiment about the bettors who are betting on bitcoin price movement for October. However, bettors seem to be splitting while a spike to $70,000 seems unlikely, many believe Bitcoin will stay between $57.5K and $65K.
However, historical data from CoinGlass shows that Bitcoin typically sees its biggest gains later in the month. The first week often starts slow, with the second and third days of October only ending in green six times since 2013. But after the second week, Bitcoin usually recovers, and price jumps of up to 16% often occur after October 15.
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As of now, bitcoin is trading around $61,237, reflecting a slight rise in the price with a market cap of $1.2 trillion.
