Bitcoin prices during the previous month defied all odds as it registered small increases. It kicked off trading at $25,927 but broke the $25k support. This sparked a lot of concern among traders as many predicted a drop to $23k. However, this never happened as it rebounded at $24,920.
It went as high as $27k as it broke the barrier to register a high of $27,486. It soon dropped to a close of $26,966 which signified an almost 4% increase. Many doubted the effect of fundamentals during this period. Nonetheless, the apex coin reacted positively to them.
With the new month in focus, bitcoin is off to a good start as the coin registered small changes in price already. Currently trading at $28k, it is up by almost 4% since the start of the month.
One of the biggest moves happened on the 1st as the asset opened trading at $26,965 and gradually advanced toward the $28k resistance and briefly broke it. However, it closed the day below the mark but gained more than 3%.
There are hints that the apex coin may register more increases this October. Let’s look at them.
Monthly Heatmap
One of the most reliable places to turn to when trying to predict upcoming trends is records. The same applies to predicting what will happen in the next twenty-five days.
The chart above is a monthly heatmap of bitcoin gains or losses. A closer look reveals that October is the second most favorable month for the apex coin. It comes behind April, where the asset gains 24% on average. However, in the tenth month, it gains more than 18%.
The chart also reveals that losses are rare during the period under consideration. The only time BTC registered any loss was in 2019 when it dropped by more than 4%. Aside from this decrease, it recorded its lowest gain last year with an increase of more than 5%.
Considering the current state of the market, the apex coin may register increases between 5%-10%. If this happens, it is guaranteed that it may close the month above $29k
