Bitcoin (BTC) Price Prediction for 07 October

The weekend rally caused Bitcoin price to shoot up by 4% and set up a local top just shy of $64K on Monday. While this move seemed like a bullish development and has caused crypto markets to, it isn’t. In the past eight hours, BTC has retraced 1.4% and will likely undo the gains. This article explores Bitcoin price prediction and what to expect next.

Bitcoin Price Analysis: What’s next for BTC?

The four-hour Bitcoin (BTC) chart shows a clear retest of the daily resistance zone, extending from $63,987 to $65,044. The rejection of this level has led to a 1.4% correction that could extend all the way toward the next stable support levels of $61,837 and $60,346.

The Relative Strength Index (RSI) hovers around 60 but has not yet touched the overbought levels yet. So, investors can expect a short-term correction that pushes BTC into the aforementioned resistance zone, allowing RSI to also pierce the overbought territory. A correction on October 9 or 10 could see Bitcoin price crash toward the $60K support level.

If BTC fails to move higher and slides lower, investors can expect some stabilization or a tug-of-war between buyers and sellers around the $60,000 psychological level. Additionally, if the dead cat bounce fails to stabilize around the aforementioned support levels, it is likely that the BTC price correction will go deeper. A sub-$60K move could see Bitcoin revisit the $57,970 to $57,201 support levels. This move would constitute a 9.6% crash from the current level of $63,166.

BTC/USDT 1-day chart

Massive upside for BTC: Analyst 

In a recent post on X, Jay, an analyst, outlined his thoughts on BTC. Based on the historical data, his Bitcoin price prediction hints at a 30% rally to $77.7K by the end of October. 

According to Jay, BTC has always formed a bottom three to four days into October, followed by a massive double-digit rally up to the end of the month. The highest return was observed in 2013 when BTC shot up 70% after forming a bottom on the second day. 

This outlook is in line with the historical monthly return for October, which stands at 21%. 

BTC October Returns

Although the above post is based on historical data, investors should take it with a grain of salt. On average, the returns for October are bullish no doubt, but there were days where BTC was up 10% or less. 

Furthermore, the uncertain geopolitical conditions due to the war between Iran and Israel could have a huge impact on Bitcoin price and could stand to undo the historical pattern.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.