Bitcoin (BTC) shot to nearly $48,000 during Oct. 1 as a classic “short squeeze” liquidated over $270 million of crypto positions in under an hour.
A familiar setup for traders, the upward volatility followed signs that a BTC price recovery was already on the way Thursday, particularly as the dollar struggled.
At the time of writing, volatility remained, with BTC/USD still above $47,000 — the site of August’s monthly close.
Fellow analyst Rekt Capital, meanwhile, provided a more sombre take.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” he warned.
“And then it will resume its uptrend.”
The last time Bitcoin saw $47,000 was on Sept. 19.
Bitcoin (BTC) was keen to retain $44,000 on Oct. 1 as the monthly close sparked a late show of strength.
BTC monthly close matches PlanB’s prediction
While still not tackling resistance at $45,000 and higher, Bitcoin did not disappoint with its end-of-month performance, this almost exactly matching predictions from stock-to-flow model creator PlanB for a second month running.
Next targets: Oct>63k, Nov>98k, Dec>135k pic.twitter.com/C45nfQkQSC October 1, 2021
With $63,000 now planned for October, expectations were high for Bitcoin to make up for lost ground going into Q4.
“September was bad. October is great. November is great. December is great,” Cointelegraph contributor Michaël van de Poppe summarized, telling Twitter followers to “buy the f*cking dip.”
Van de Poppe highlighted historical performance across various months each year, something which Cointelegraph previously noted all but consigned September to be a “boring” 30 days.
Others, however, were more cautious. In its latest market update, crypto trading firm QCP Capital said that it would remain cautious in its approach to the market as a whole.
“Overall, we struggle to find any directional conviction amidst the macro and market crosswinds. Our strategy going into Q4 is to remain fairly neutral and nimble,” executives summarized.
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