- Bitcoin’s price has ranged between $115,954 and $107,017 over the past three months, reflecting high timeframe consolidation before a potential breakout.
- Historical data shows Uptober averages 20.23% returns, suggesting this month could deliver notable upward momentum if the breakout sustains above the monthly range.
- Price may briefly exceed the range yet close within it, maintaining sideways consolidation similar to July and August, extending market accumulation phases.
Bitcoin has opened a new monthly candle in October following three months of sideways movement. July, August, and September saw prices trading between $115,954 and $107,017. Market sentiment has turned cautious as the cryptocurrency consolidates.
Monthly Range and Sideways Movement
Bitcoin has experienced a clear sideways trend over the past three months. Price has been confined to a range between $115,954 and $107,017, showing minimal directional momentum. Traders have noted that such patterns are typical on higher timeframes.
Crypto analyst Mags observed that sideways movement on monthly charts is common before larger moves. He emphasized that these ranges often appear even during bullish uptrends. Market participants have expressed concern as the price remains within a narrow band.
The sideways range does not necessarily indicate a bearish market. Historically, months with such consolidation can precede strong breakouts. Analysts monitor monthly candles closely to identify potential continuation patterns.
Potential Breakout Scenario
The first scenario for October involves Bitcoin breaking out from the current monthly range. Historically, “Uptober” has been a good performer, gaining 20.23% on average since 2013. A breakout could be interpreted as a continuation of the longer-term trend higher.
Even if the monthly candle is only just opening, short-term volatility may continue. Traders can expect lower timeframe volatility before a confirmed breakout occurs. Patterns seen on a daily and weekly chart will offer additional validation.
If the breakout is sustained, Bitcoin can make new highs above the current range. This move would repeat previous patterns experienced in the October months. Market monitoring remains essential during this phase.
Breakout with Close Back Inside the Range
The alternative scenario involves a breakout followed by a return to the current monthly range. Mags highlighted that price could reach new daily or weekly highs but still close within the $115,954–$107,017 range.
This pattern has occurred in recent months, notably in July and August, where Bitcoin printed highs but closed inside the range. Traders may see continued consolidation for several months before a decisive move.
Even if the price temporarily exceeds previous levels, the monthly range could remain intact. This scenario suggests ongoing accumulation and distribution, reflecting standard market behavior in high-timeframe consolidation.
