Crypto analyst Mikybull Crypto has forecasted a bullish breakout for Bitcoin by late October, driven by a wave 5 impulsive move. Despite some external market factors pressuring Bitcoin, Mikybull remains confident that BTC will rally, potentially reaching new all-time highs.
Bitcoin Price Breakout Expected This Month
According to Mikybull Crypto’s prediction on X, Bitcoin’s price breakout could occur around October 22, following a wave 5 expansion. While the market is currently navigating through a wave 4 correction, Mikybull advises investors to stay calm and avoid panic selling. His analysis suggests Bitcoin may surge to a range of $95,000 to $120,000 during this breakout, potentially marking a new all-time high (ATH).
This optimistic prediction aligns with that of Markus Thielen, founder of 10x Research. However, Thielen provides a more conservative target, expecting Bitcoin to hit around $75,000 by the end of October, still surpassing its current ATH of $73,000.
Wave 4 Correction Could Bring Lower Prices
Before the anticipated breakout, Bitcoin is undergoing a wave 4 extended correction, which could bring prices down further. Currently, BTC risks falling to $57,000, especially amid global uncertainties like Israel’s imminent conflict. Crypto analyst Ali Martinez highlights $60,365 as a critical support level. If Bitcoin falls below this threshold, it could drop to $57,420, but a rebound to $63,300 is possible if support holds.
Santiment, an on-chain analytics platform, suggests that a further correction may benefit Bitcoin in the long run. They note that market sentiment has cooled since BTC’s local high of $66,400 in late September, which could set the stage for a positive price reversal.
Macro Factors and the Fed’s Role in BTC’s Future
Beyond technical analysis, macroeconomic factors are also key to Bitcoin’s trajectory. The Kobeissi Letter recently highlighted market uncertainties, particularly around inflation and the Federal Reserve’s policies. The hotter-than-expected ISM Non-Manufacturing PMI data suggests that inflation may not be as under control as Fed Chair Jerome Powell has suggested. As the October 4 Jobs report looms, it will provide further insight into the labor market’s health and how the Fed might approach interest rate adjustments at the next FOMC meeting in November.
The US Central Bank has hinted at potential rate cuts before the end of the year. However, these decisions will likely hinge on the upcoming inflation and economic data.
