Bitcoin Price Looks Set for Big Gains Toward $138K in ‘Pumptober’

The key takeaways:

• BTC must clear the next significant resistance level to unlock targets at $127,000–$137,000.

• Data from the on-chain shows a wide range of potential risks, with 122,000 and 138,000 being the main risk levels.

BitcoinBTCThe, which had a late-month decline in September, closed the month with a gain of 5.35%. In the past, green Septembers set up a bullish year. “Pumptober,” Lookonchain is a resource for onchain data.

Bitcoin already up todayWill the BTC market continue to boom in October?

BTC price double bottom targets $127,000

Bitcoin’s daily graph is showing a double-bottom setup. This pattern forms when price bounces back twice from a support level similar to the previous one before it breaks higher.

BTC is a good example. The two bottoms are located near $113,000 with the neckline resistance at $117.300.

If bulls successfully manage to move the price significantly above the neckline support, then the technical target for the structure points towards approximately $127.500. This projection is calculated by adding the pattern’s depth to the breakout point.

Bitcoin’s relative strength index (RSI)The bulls have begun to gain momentum.

Clearing the $118,000–$119,000 zone, where nearly $8 billion in shorts sit vulnerable, would further validate the breakout and raise the odds of reaching the double-bottom target.

Bitcoins worth $137,000 after a symmetrical triangle

Bitcoin trades inside of a large, symmetrical triangular pattern on daily charts.

This pattern, which is formed from converging trends of lower lows and higher highs, usually occurs before a sudden breakout, as the price increases toward its peak.

This target is near the height of the triangle, which represents a gain in price by more than 18%. This target closely aligns with the Fibonacci Extension level of 1.618% around $134.700.

BTC is not the top cryptocurrency according to Onchain.

Bitcoin continues to trade below its original value “heated” Risk level suggests that there is still room for the rally to continue before traders are overextended.

According to the Short-Term Holding Cost Basis Model, cryptocurrency’s average recent purchase price is about $102,900. Glassnode data.

Models indicate that the first threshold is the “heated” zone, which starts at $122,000. The second one is the “overheated” zone of $138,000, the point where cycle peaks have often been marked in the past.

Related: Bitcoin revives gold correlation as BTC price nears $117K

The other way around is to say that if you are unsure about this “Pumptober” Once the current rally shows signs of life, we will test it with $122,000 in the near future. $138,000 would be a ceiling that could prevent another potential correction.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.