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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Could Be Just One Week Away From A New Monthly All-Time High Close

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin monthly close all time high halloween

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Bitcoin is just over one week away from the October monthly close, taking place on Halloween night. Although the night is known for candy, scarces, and tricks, if the leading cryptocurrency by market cap can close above $14,000, investors will be in for one heck of a treat.

Bitcoin October Monthly Candle Close Could Result In New All-Time High

Bitcoin price is trading well above $12,000 after a $1,000 intraday candle earlier this week that sent the cryptocurrency to a new 2020 high. The top-ranked crypto asset, however, failed to set a new higher high over its 2019 peak, if you measure wick to wick.

But when switching to a line chart, which shows only a close-by-close basis, Bitcoin is only a few hundred dollars away from setting a new all-time high.

Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High

This makes the October 31 monthly close more than just Halloween – it puts the potential bull run on the line.

bitcoin btcusd monthly

Bitcoin flips high timeframe resistance as support, aims for new all-time high monthly close | Source: BTCUSD on TradingView.com

The line chart also shows a very clear retest of resistance broken, confirming it as support before moving higher. If the leading cryptocurrency by market closes over $13,950, then the new bull market breakout could be confirmed.

Like the resistance level below, a retest is likely, then it could be off to the races for Bitcoin from there.

Will The Top Cryptocurrency Benefit From “The Halloween Effect?”

Markets are cyclical and even seasonal in their behavior. For example, there’s a saying recommending to “sell in May and go away.”

Six months later, however, due to seasonality “the Halloween effect” kicks off what tend to be higher performing months for most assets.

Related Reading | Paul Tudor Jones: Bitcoin Is In First Inning, Like Investing In Apple Or Google Early

Q4 2017 was the quarter that took Bitcoin to $20,000 in a flash, and it could happen again.

bitcoin btcusd monthly

Current cryptocurrency market cycle matches previous bull breakout | Source: BTCUSD on TradingView.com

According to the same monthly line chart from above, when zoomed out, shows almost the exact same structure as the last bear market and bull market breakout.

Bitcoin price couldn’t close its first few monthly attempts at a new all-time high until the year turned anew. At that point, the election uncertainty had cleared the air, and Bitcoin at that point was free to run straight through resistance, and never looked back.

Will the Halloween effect lead to another crypto bull market once again?

Featured Image From Deposit Photos, Charts From TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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