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Bitcoin (BTC), the largest cryptocurrency by market capitalization, is showing signs of a potential breakout, according to analyst Miles Deutscher.
Historically, October has been a strong month for BTC, and recent trends suggest that the cryptocurrency may be on the verge of a major rally. to go up. In the past week alone, the price of Bitcoin has risen by more than 13%, reaching an all-time high of $73,700 set in March of this year.
Rising Global Capital and Low Supply
Deutscher notes that Bitcoin has been rallying above key support levels for most of the year, putting it in a position for potential expansion. Despite many failed explosions in the past, which has led to general distrust among traders, the analyst believes that this area may create an opportunity for significant price increases.
Many retail investors remain on the sidelines, as evidenced by Bitcoin’s current rate on Coinbase and the decline in Google search interest in the cryptocurrency. This may suggest that the market force known as fear of missing out (FOMO), has not yet started among investors.
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The macroeconomic background also supports Bitcoin’s potential for further gains. The global currency boom—now at its highest level in three years—has historically had a positive impact on Bitcoin’s price.
Deutscher also points out that as equity markets begin to stabilize, Bitcoin tends to follow suit, often correlating closely with the S&P 500. Additionally, Bitcoin’s provide exchange has reached a low, suggesting that a supply squeeze is imminent.
The analyst argues that this trend indicates that fewer BTC are available for trading, which could drive up prices as demand increases.
October to April as Bitcoin’s ‘Boom Period’
Deutscher also emphasized in his analysis the upcoming US presidential election, which he believes adds another layer of complexity to the market. The analyst speculates that a former President Donald Trump’s victory can lead to a positive market reaction, where Bitcoin is positioned as “a pillar of US financial stability.”
The Republican candidate has made many promises, the most notable of which are plans to create Bitcoin specified property of the country, with the goal of using it to reduce the $35 billion national debt, is also supported by pro-crypto Senator Cynthia Lummis.
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The season also plays a role, according to the analyst. Deutscher explains that the period from October to April 2025 is traditionally seen as a “growth period”. crypto currency.
While Bitcoin needs to break out of its current range—potentially facing resistance around $70,000—Deutscher believes this breakout is possible, especially given the massive short interest in Bitcoin.
At the time of writing, BTC is trading at $66,940, down 1.5% in the 24-hour period, as it encountered significant resistance at the level of $68,000, preventing it from facing major resistance at $70,000.
Featured image from DALL-E, chart from TradingView.com
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