Bitcoin (BTC) Surprises the Market, But Can It Continue to Climb?

Bitcoin surprised the market by closing the month of September on a high with a solid 7.29% gain. This is the second time in a row since 2023.

Bitcoin closed September with a solid 7.29% gain, marking the second consecutive time since 2023 that the crypto has performed well in the ninth month of the year. Historically, September has been a struggling month for the coin and often ends in a drop.

This recent September rally has many believing that Bitcoin might be setting up for even bigger gains in the coming month.

October, often referred to as “Uptober” in the crypto space, is often a strong month for Bitcoin, as the cryptocurrency always records impressive gains of above 22%. But this is often nine times out of eleven. Based on this, many think the leading crypto could reach a new high, possibly exceeding $100,000 by the end of the year.

Bitcoin Archive, a crypto analyst projecting this same outlook in a recent post on Medium, saying that Bitcoin might continue its past pattern and could “break $100,000 by the end of the year.”

According to his projection, the price could hit around $80,000 this month, followed by a bigger gain of $89,000 for November and then $106,718 for December.

Analyst Sees Bumpy Road Ahead

While a $100,000 target looks interesting, not everyone sees this bullish outlook. According to Veteran trader Peter Brandt, Bitcoin’s recent gains, while encouraging, have not broken the long-term bearish pattern that it has been for the past few months. He points out that Bitcoin has been in a downtrend for over seven months with a series of lower highs and lower lows.

The recent rally in Bitcoin did NOT disturb the 7-month sequence of lower highs and lower lows. $BTC

Only a close above 71,000 confirmed by a new ATH will indicate that the trend from the Nov 2022 low remains in force pic.twitter.com/lFO9A20VPD

For Bitcoin to truly shift into a bullish phase, it has to surpass this key resistance level. According to Brandt’s analysis, the first major hurdle sits at $70,600, and the second is an all-time high of $73,808. Unless Bitcoin closes above these levels, Branst argues that the current rally may just continue in its consolidation phase.

However, the resistance level has held strong for a while now preventing the cryptocurrency from breaking out. Brandt said breaking above $71,000 is important because it would signal a change in market behavior. Only then can we start talking about a real bullish trend.

Bitcoin Recent Price Movement

Right now, bitcoin is trading at $60,799, which is a slight drop of 0.6 in the last 24 hours. The trading volume also dropped by 19% to $41 billion.

BTC/USD Price Chart: CoinMarketCap

This sudden drop seems to be as a result of recent escalating conflict between Israel and Iran. On Oct 1st, Iran launched a load of missiles at Isreal, which made the price of Bitcoin feel about $4,000 down from its intraday peak of $64,000. Despite this, analysts still remain bullish on Bitcoin, with a $100,000 target by the end of the year.

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