Lookonchain, a blockchain surveillance resource, has identified an event that suggests Bitcoin might be on its way to a new all-time high.
The on-chain intelligence platform disclosed this in a recent commentary amid Bitcoin’s ongoing recovery push. For context, BTC staged an impressive breakout over the past weekend, partly fueled by increasing demand as the U.S. presidential election looms.
Bitcoin Recovers to End October Bullish
Amid the uptrend, Bitcoin recorded four consecutive intraday gains from Oct. 26 to 29, soaring by 8.97% within this period. Interestingly, the firstborn crypto asset came close to breaching its March 2024 all-time high on Oct. 29 as it crossed the $73,500 mark. However, it faced resistance at this level.
Despite witnessing a pullback yesterday, Bitcoin has maintained its gains this week, holding strong above $72K. Remarkably, the recent rally has now put October in the green for Bitcoin, with the largest crypto asset up 14.27% this month despite starting the month with massive declines.
Before now, Lookonchain had identified a trend that Bitcoin has followed five separate times since 2013. The on-chain resource confirmed that Bitcoin has started five massive market rallies in October. This pattern played out in 2013, 2017, 2020, 2021 and 2023.
Notably, October, often dubbed “Uptober,” has historically been significant for leading to massive price uptrends. For instance, in the most recent case, the first phase of the ongoing bull market began in October 2023, after Bitcoin closed the month with a massive 28.54% gain.
Following this rally, BTC witnessed five consecutive months of gains. The asset rallied from $26,965 at the start of October 2023 to the recent all-time peak above $73K in March 2024. This marked an impressive 173% increase in five months.
Ideal Setup for New Highs
Now, after the correction that ensued in the second and third quarters of this year, Bitcoin is looking to replicate a similar run by closing October with a bullish stand. In its latest disclosure, Lookonchain confirmed that Bitcoin will again close this month with gains. This could lead to new highs in the subsequent months.
Historically, bull markets often begin in October!
And this October, the $BTC price has already risen by 14.4%.
Could we be on the way to a new high?https://t.co/14hZIwG36E pic.twitter.com/Yam30lLvP0
— Lookonchain (@lookonchain) October 31, 2024
With the forthcoming U.S. presidential election and BTC already knocking at the March 2024 all-time high, analysts believe a new peak could materialize in the coming days. Three days ago, when BTC traded for $68K, Michaël van de Poppe projected a retest of the ATH in two weeks.
However, veteran trader Peter Brandt insists Bitcoin would remain in a bearish inverted broadening triangle until it witnesses a close above $76,000 on a Sunday. Following this breakout, Brandt has already set a new cycle top of $135,000 for Bitcoin. Meanwhile, CryptoQuant recently called for an $84K target next
