However, the asset managed to remain above a key support level, which could send it flying toward its all-time high of over $124,000.
When we zoom out for just a few more days, bitcoin’s price calamity becomes even more evident. The cryptocurrency challenged $118,000 on September 18, just after the US Federal Reserve cut the interest rates for the first time this year.
However, it failed to reclaim that level and head toward $120,000. Just the opposite, it started to lose value gradually and retraced to $115,500 during the weekend. The actual pain, though, came at the start of the business week when the bears took complete control of the market and drove BTC south to $112,000 at first and then to its lowest price position since early September of under $109,000.
Bitcoin tested that support on a couple of occasions, which managed to hold for now. According to Ali Martinez, the actual make-or-break level is at $107,200. If BTC remains above it, the chances for a solid rebound to $115,000 and even $123,000 are pretty high, he said.
The analyst with almost 160,000 followers on X outlined another chart, which could spell further short-term pain for BTC but also lead to a new all-time high in the next few months, if history repeats.
CRYPTOWZRD also relied on historical data to predict a more positive future for BTC. The analyst noted that bitcoin dropped during the same month in 2023 and 2024, as September typically ends in the red for the crypto market.
However, both September corrections were followed by parabolic runs, and CRYPTOWZRD outlined the possibility of another rally by the end of the year.
Crypto Tony is also bullish on BTC as he can “smell a dirty huge pump.” He believes October will become ‘Uptober,’ as many in the community refer to it, given the crypto market’s surge during that month in previous years.
