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. Historically, September has always been a struggling month for the crypto and often ends in a drop. However, this year broke that trend again.
Can Bitcoin Continue to Climb?
This recent September rally has led many to believe 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 X, 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.
Source: Bitcoin Archive
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.
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.
