Prepare For An Explosive October!
If we take a look at Bitcoin on the weekly timeframe and plot out our trendlines, you’ll notice that Bitcoin is sitting right at those key resistance levels. A lot of people might think, “Well, it’s already at the top, so it’s about to head down.” And that’s a fair assumption. In the shorter timeframes, we could definitely see a pullback to build new support levels.
But I think we are on the brink of something different. Sure, Bitcoin might drop briefly on the smaller timeframes, and we could even see some consolidation. But overall, we are about to break out of this long-standing downtrend. And I am about to show you why.
Let’s take a look at the RSI, the Relative Strength Index. We have finally pushed above the black line you see on your monitor, which represents the RSI-based moving average. If you have been tracking this, we have stayed below that level since the beginning of April. But here’s the key moment: in the last week of September, we broke above it.
Historically speaking, whenever Bitcoin’s RSI moves above this black line, we have seen strong price increases.
US November Elections
Now, looking ahead, I think October might just be the early stages of the next bull run. We are gearing up for a massive catalyst: the November elections. Whether you support Donald Trump or Kamala Harris, both have expressed positive sentiment toward Bitcoin. They may have different regulatory approaches, but the fact that both are open to the idea of a pro-Bitcoin government is huge for the crypto space.
What is exciting is that no matter who wins, the general sentiment is turning bullish. And Bitcoin could really start to surge higher as we approach the election season. But before we get there, let’s talk about the short term.
Key Levels To Enter For Bitcoin
While I am optimistic about October being green, we cannot ignore the fact that short-term bearish moves are still possible. Bitcoin has had a strong rally over the past few days, so it is normal to expect some retracement or consolidation as it searches for stronger support levels. But remember, these are just short-term moves. The bigger picture is looking incredibly bullish.
If you are planning to enter Bitcoin, a good level to buy again would be between $60,500 and $60,600 if it retraces back there. Make sure to prepare your cash for sudden price movements, as volatility can spike at any moment.
Final Thoughts
So, as always, we here at UseTheBitcoin want to remind you to trade responsibly. Always do your own research, trade at your own risk, and only invest what you are willing to lose.
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