Bitcoin’s prospects are positive as bulls continue to resist

• Rekt Capital predicts a major Bitcoin drop before the next halving event.
• Bitcoin’s value has consistently performed well in October over the past decade.
• Bitcoin’s current trading price stands at $27,630, marking a 0.17% increase.

Market research firm Rekt Capital suggests there is likely to be another major drop before the next halving event, based on Bitcoin’s price trends in 2015 and 2019, which both showed significant declines during this period.

In a subsequent update, the analyst expressed his plan to employ a dollar-cost-averaging strategy for Bitcoin throughout the Pre-Halving period, expecting a sharp rise in value immediately following the halving event.

Over the past ten years, Bitcoin has consistently performed well in October. 2021 Bitcoin’s price surged by 39.93%, following a substantial increase of 27.7% in 2020. If we go back to October 2017, there was a notable rise of 47.81% by the end of the month.

Bulls are making a strong effort

Currently, the current trading price of BTC stands at $27,630, marking a 0.17% increase in the past 24 hours, according to CMC data. Additionally, there has been a 10.88% rise in the trading volume. Even with the recent downturn, the price has seen a 2.03% increase over the past week and a 7.46% increase over the past month.

Bitcoin’s value is struggling to surpass the $27,800 mark. Following a downward adjustment, the price of bitcoin attempted a fresh increase from the support zone of $27,200. At the time of writing, Bitcoin has ascended beyond the resistance level of $27,500.

Should the price successfully exceed the $27,800 mark, it will probably challenge the $28,500 resistance level. If the bulls push the price beyond this point, the $30,490 area will likely be tested. Conversely, if the price falls below the $27,280 mark, it is expected to drop further and test the $26,070 support level.