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Doubling Down on Bitcoin’s October Rally as MicroStrategy Shares Could Break Out

Some Bitcoin traders are positioning themselves to trigger a potential short squeeze.

Author

Markus Thielen
October 06, 2024

👇1-12) As anticipated, Bitcoin began its rally last Friday, driven by stronger-than-expected employment data. While Bitcoin has historically shown weakness in the first week of the month, the remainder of October is filled with critical catalysts that could sustain the upward momentum. Geopolitical factors are unlikely to disrupt this bullish trend; they may present intriguing opportunities for savvy traders looking to capitalize on the market's volatility.

Bitcoin (LHS) vs. MicroStrategy (RHS) - Breakout?

👇2-12) We released a highly optimistic and contrarian report for an October rally at the end of September 2023 – indeed, Bitcoin rallied +27%. Jumping ahead to this year, suddenly, everyone is highlighting the strong seasonal trends in October. With 8 out of the last 10 Octobers posting positive returns, averaging gains of +20%, it's clear that October holds significance—but why? There's always something distinctive about October, where pivotal events seem to align, driving markets upward. This year is likely to follow the same pattern.

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