We’re just days away from entering what has historically been the most bullish month for Bitcoin. Since 2013, Bitcoin has seen positive returns in 9 out of the past 11 Octobers, making it one of the strongest months for Bitcoin in terms of price growth. On average, October has delivered an impressive 23% return. If Bitcoin follows this historical trend, a 23% gain from the current price would push Bitcoin to a new all time high of $78,000 USD. Are you prepared for the potential rally?
With Bitcoin currently battling within a five-month bull flag, October could serve as the catalyst that pushes Bitcoin past resistance levels and into uncharted territory. A breakout from this formation might result in a surge of buying activity, potentially propelling Bitcoin to new all time highs.
Don’t miss the chance to position yourself for the upcoming rally. Reach out to your Stormrake broker today to lock in the best execution price, there is no second best.
Stormrake Spotlight: ETHEREUM ($2,660)
Stormrake Spotlight: ETHEREUM ($2,660)
If this is Ethereum’s moment in the cycle, we could see ETH make a move back up toward its previous cycle high of nearly $4,100 USD. No one expects this to happen overnight, but these levels present a prime opportunity for positioning, with the potential for a 50%+ climb back to $4,000.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
BTC has finally broken above key resistance and flipped it into support. We’ve seen BTC attempt this before over the past few days, only to fall back below the level. If it can hold above this support, we could see a climb up to $66.8k. Should a pullback occur, the previous resistance (now support) will likely act as strong support, as it aligns with the 21 and 55 EMAs.
BTC Total ETF Flows for 24 Sep: $ + 20.3 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum remains above all major levels and moving average supports, with the move toward $2,865 already in progress. Recent pullbacks have been quickly bought up at the 55-EMA, resulting in bounces. If a larger pullback occurs, we could see ETH retest the $2,556 support level. The 55 EMA should be considered the key support as it continues to follow ETH upward toward the next target.
ETH Total ETF Flows for 24 Sep: $ N/A
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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Written by Alexandar Artis
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The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
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