Bitcoin’s (BTC) push to realize the ‘Uptober’ momentum is fading as the asset has struggled to claim the $70,000 mark. This grim projection is now backed by technical indicators that signal more downside for Bitcoin at the end of October.
This bearish outlook has emerged based on parallels between the current Bitcoin price action and historical patterns from April and November 2021, warning that this month may end similarly with a drop, as Alan Santana noted in a TradingView post on October 23.
Bitcoin price analysis chart. Source: TradingView/Alan Santana
Specifically, April and November 2021 saw promising starts with price gains, followed by abrupt reversals. Both months ended with a red candle, signaling the end of bull markets and ushering in substantial corrections.
Santana noted that Bitcoin’s all-time high in early 2024 could be its peak for the foreseeable future, and the recent October rally is showing signs of weakening. The current session features a Doj
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