Bitcoin & Crypto: Why October 2020 Might Be Decisive For The Secular Bull Market

It is coming: a decisive month for cryptocurrencies and their investors. We did not forecast this, we only can see this by tracking ongoing market activity. And we do so based on the BTC chart.

The BTC chart over the last 16 months is the one we feature in this article.

No, we are not going to use any other source other than price action. No tweets, no gurus, no experts, no financial media, no crypto media, no mining stats, no stacking data … it’s all absolutely useless and irrelevant for investors. It’s nice for storytelling, but that should not be confused with relevant information to make investing decisions.

The few things that stand out on this 16-month BTC chart with those few annotations that we created:

  • A giant bullish reversal setup (yellow).
  • The area 10k-12.5k gave up before the reversal started. Consequently, this will be an important area in understanding if and when the bullish reversal completes (also the direction in which it will resolve).
  • An attempt of BTC to break higher, in August, but it failed. Some meaningless price action in recent weeks with the only exception that BTC failed to move below 10k.

Not so hard to observe, as long as you have an open mind.

And here comes the one important observation looking forward: the giant reversal is coming to an end in the first week of November.

That’s why the next few weeks, according to our analysis, will be crucial. Whatever happens between now and the first week of November *might* set expectations for the next stage(s) of the bull market.

We are not forecasting anything here. We are not saying that the first week of November 'will' forecast the next trend.

We are saying that price action in October and November, as the reversal resolves, could be decisive. And it will all depend on where we’ll stand in this complex chart setup.

btc bitcoin chart

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