The long-lasting bear market caused major declines in Bitcoin and altcoins. While the negative atmosphere on the market will dissipate somewhat with increases in 2023, investors are expecting a big rally.
At this point, Glassnode co-founder Yann Allemann claimed in his post on his Twitter account that the expected rally is approaching despite the recent declines.
Pointing out that October is a positive month for Bitcoin in light of historical data, Allemann said that BTC $ 26,000 is an important level.
Stating that Bitcoin is currently in the decline zone, the analyst stated that BTC failed to pass the resistance of $ 27,500 and that the BTC price is below the 100 hourly SMA.
“Following last week's decline, BTC is struggling to maintain its position above the $26,000 support level.
The 'Risk Signal' has turned bullish and is currently in the 40s, confirming the volatile environment.
This can largely be attributed to the trendless market, lack of liquidity, and apathy from regular investors due to a break below the $25,000 support level.
While Bitcoin continues its struggle for $26,000, a possible break below this level could cause BTC to fall to the $25,000 region.
However, historical data shows that October generally provides bullish signals for BTC. “A rally may be coming at this point.”
Bitcoin continues to trade at $26,240 at the time of writing.
*This is not investment advice.