Is Uptober Coming for Bitcoin or Not? A Comprehensive Analysis

Hello everyone, how are you doing? This morning I noticed something interesting. As you can see from the chart, I highlighted all the months of October with an orange circle, and I marked in red the corresponding MACD during October in previous market cycles.

As you can see, in almost all of these cases when the MACD is bullish in Q4, a strong price rally tends to follow. On the other hand, when it is bearish, the opposite happens.

In this Q4 the MACD looks similar to October 2019, and besides being bearish, there is also a strong bearish divergence on the weekly chart, highlighted with the (Blue Line).

Now, I’m not saying the bull market is over. I believe this market cycle is different from the previous ones. I think you’ve noticed it too, especially regarding altcoins and the altseason we’ve all been waiting for. Probably because many institutions have adopted Bitcoin and cryptocurrencies in general, with ETFs and many other factors coming into play.

As we can see, Bitcoin is becoming more and more “stable.” Personally, I think there’s a good probability that Bitcoin will continue its retracement downward, this retracement would be very healthy for the overall market, of course, not for altcoins.

What’s your take? Let me know in the comments, I’m very curious.

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