Bitcoin (BTC) failed to pause the so-chosen September curse, with its cost falling by a lilliputian over 7% into the month despite a strong rebound rally right ahead of its shut. However, Bitcoin looks to be making a improvement in October, a calendar month known for painting ambitious bullish reversals.

Bybt data shows that Bitcoin has airtight October in profit the majority of the time since 2022 — with a success rate of over 77%. Last year, the cryptocurrency surged by 28% to reach levels above $13,500 afterward finishing September at effectually $x,800, post-obit an gauge 7.5% pass up.

Bitcoin monthly returns since 2022. Source: Bybt

Similarly, Bitcoin climbed college by over 10% by the end of October 2022 despite plunging by around fourteen% the previous month. That made September look similar a sell-off month for traders, with its tape of logging losses seven out of nine times since 2022.

In contrast, Oct posed itself every bit a period of dip-buying, suggesting that traders may cease up pumping Bitcoin's price higher by October. 31.

The October fractal surfaces despite alarming signals in the form of Mainland china's intensifying crackdown and the United States' tougher regulatory stance on the crypto sector.

Additionally, the prospects of the Federal Reserve limiting its $120-billion-a-calendar month bail-purchasing programme later on this year appear to have been limiting Bitcoin's upside outlook. The loose budgetary policy, combined with the U.S. central depository financial institution'south virtually-zero interest rates, was instrumental in pumping Bitcoin's price from below $4,000 in March 2022 to near $65,000 by April 2022.

But despite the brusque-term setbacks, a flurry of fundamental indicators reveal that investors notwithstanding want exposure in the booming cryptocurrency infinite.

Institutional inflows

Crypto information tracking service CryptoCompare noted in its report that volumes associated with digital asset investment products rose 9.6% in September. Meanwhile, the weekly product inflows rose to $69.seven million, the highest since May 2022.

"Bitcoin-based products saw the highest level of inflows out of any asset, averaging $31.2 million per week," CryptoCompare wrote, adding that "In that location could be upside going into the last quarter of 2022."

Average weekly net inflow past asset for the month of September. Source: CryptoCompare

The 20-week EMA fractal

Technical indicators too pointed to a bullish session ahead for Bitcoin every bit it formed a base of operations around $40,000 before the September close and reclaimed key resistance levels every bit interim support. That included the bias-defining 21-week exponential moving boilerplate (21-calendar week EMA).

Every bit Cointelegraph covered earlier, a drib below the 21-week EMA increased Bitcoin'south probability to go on falling by 78%. On Sept. 27, the cryptocurrency roughshod below the greenish moving ridge (every bit shown in the chart below) but reclaimed it as support while inbound the October session.

BTC/USD weekly price nautical chart featuring 20-week EMA-focused bull runs. Source: TradingView

A movement above the twenty-calendar week EMA, accompanied by ascent volumes, has historically led to explosive Bitcoin bull runs. Equally a result, if the fractal repeats, BTC toll may head toward a new record high in the weeks alee.

Bull pennant breakout

Some other technical indicator that has been predicting a bullish outcome for Bitcoin is the balderdash pennant.

Related: Analyst nails Bitcoin monthly close two months running — His October target is $63K

In detail, BTC's cost has been consolidating inside two converging trendlines following its 500-plus percent rally.

Traditional analysts view these lateral moves every bit a sign of bullish continuation. In doing and then, they anticipate that the price will break to a higher place the pattern's upper trendline — and rise by as much as the length of the previous uptrend, called the flagpole.

Bitcoin weekly cost chart featuring balderdash pennant structure. Source: TradingView

As a event, Bitcoin's path of least resistance appears to be to the upside, with a potential breakout movement looking to send its prices toward $100,000 (the flagpole'southward height is roughly $50,000).

The views and opinions expressed hither are solely those of the author and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves adventure, and you should deport your own inquiry when making a decision.