Trader CryptoKaleo tweeted ‘Uptober is back’ to his half a million followers as the Bitcoin price pumped back over $19,500 today – recovering the weekly and monthly open.
For the majority of October, the monthly candle was red – last week’s candle closed in the red, and most of this week has seen the Bitcoin price trade under the weekly open – around $19,250.
As soon as that weekly open was reclaimed, the Bitcoin price spiked up to also reclaim the monthly open – just over $19,400.
CryptoKaleo Bitcoin Price Prediction
CryptoKaleo has been optimistic Bitcoin can recover to the $28,000 – $30,000 level that was lost in June – amid FUD over Celsius being liquidated, the Three Arrows Capital debacle, and more ‘crypto contagion’ that saw the Bitcoin price crash to a yearly low of $17,500 on June 18th.
On September 4th, @CryptoKaleo tweeted ‘28K sooner than you think‘.
While that Bitcoin price prediction is yet to play out, he has doubled down this week tweeting ‘I still believe the bottom is in‘ based on the last crypto bull run’s all time high versus the prior bull cycle ATH.
His historical Bitcoin price chart above (an inverted chart) compares the distribution cycle of 2018, and the accumulation cycle that followed, to the length of time the Bitcoin price has spent around the $20,000 level – now around 132 days.
CryptoKaleo predicts a mark up for the Bitcoin price is ‘imminent‘.
Discord Traders Long Bitcoin
Analysts in the Jacob Crypto Bury Discord server also longed Bitcoin earlier today when the weekly open was reclaimed, and sentiment flipped bullish across Twitter.
The Bitcoin price then recovered back above the monthly open open within the space of one five minute candle.
See our reviews of the 9 best crypto Discord groups to join this year.
At press time the Bitcoin price has hit an intraday high of $19,695 – not far off Elon Musk’s BTC price prediction of $20,000 earlier this month shortly before the CPI print.
The weekly close is in 30 minutes – if it closes green that may be a signal of further continuation to the upside for Bitcoin, and see a rally across the board for crypto prices.
Update – the weekly candle closed green, at $19,570 on Binance, and above the October monthly open.