In October 2023, Bitcoin achieved its highest monthly closing price since May 2022, experiencing a remarkable uptrend throughout the month. Data from Cointelegraph Markets Pro and TradingView verified that Bitcoin bulls successfully maintained their upward momentum into November 1st.
This surge in the cryptocurrency’s value was reminiscent of October’s initial breakout, and it marked the second-best performing month of 2023, with Bitcoin gaining an impressive 28.5%.
This performance only trailed behind January, which had a 39.6% increase.
Renowned trader Bluntz cautioned against underestimating the significance of the current bullish trend, drawing parallels to similar occurrences in October 2020 and April 2019, where Bitcoin entered extended bullish phases.
Moustache, another prominent figure in the crypto trading community, pointed to the TK Crossover indicator, which signaled a rare bull market trigger.
This indicator, derived from the Ichimoku Cloud and involving Tenkan-sen and Kijun-sen trendlines, produced a bull flag at the monthly close, indicating a potential sustained upward trend.
However, on-chain monitoring resource Material Indicators offered a slightly more conservative view, suggesting that while bullish momentum still persisted, it appeared to be weakening compared to the previous month.
They anticipated a possible retest of the $33,000 level, though it might not occur until after an attempt at $36,000.
Market participants remained vigilant, as a significant macroeconomic event was on the horizon. The United States Federal Reserve was set to announce its interest rate policy in the context of a challenging inflation environment.
Federal Reserve Chair Jerome Powell was also scheduled to deliver a speech and hold a press conference.
Market expectations were leaning toward the Federal Open Market Committee (FOMC) maintaining the current elevated interest rates, with a probability of nearly 98% according to CME Group’s FedWatch Tool.
Prominent trader Crypto Tony weighed in on the potential impact of this announcement on Bitcoin’s price action, predicting increased volatility and market movements as the Fed’s decisions and data were released.
He personally anticipated a pause in interest rate hikes and a subsequent rise in Bitcoin’s price, possibly reaching the $36,000 mark after an initial temporary downturn.
In summary, Bitcoin’s performance in October 2023 was exceptional, with significant gains and indications of a potential sustained bullish trend.
However, the market remained watchful of the upcoming Federal Reserve announcement, which could introduce further volatility and shape the cryptocurrency’s future movements.