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Is Bitcoin’s ‘uptober’ about to begin?

In this episode of NewsBTC’s daily technical analysis video, we take a look at the Bitcoin price monthly chart for various technical and fundamental signals to see if the cryptocurrency is nearing a bottom.

Watch the video below.

Video: Bitcoin Price Analysis (BTCUSD): Oct 3, 2022

Bearish BTC momentum is starting to wane…maybe

The October candlestick started pink on the LMCD histogram. This signal in the past has put the bear market back into hibernation mode for at least a year or more.It implies a big change in momentum. However, we need to end October on a bullish note to confirm and solidify the color change on Bitcoin’s monthly chart.

The monthly Relative Strength Index remains the lowest in Bitcoin’s history, but is grinding along the bottom of a downward sloping channel.

Bitcoin bearish momentum might be weakening | Source: BTCUSD on TradingView.com

Bitcoin Investors May Be Overcoming Losses

The Coppock Curve has finally reached the same level where bear markets have bottomed out in the past. The Time Cycle Tool also suggests that there may be some rhythmic behavior that Bitcoin is about to unfold.

The Coppock curve was created by ESC Coppock. He was asked by the church to identify long-term buying opportunities for investors. This is based on the idea that it will take 11-14 months for the bear market to end.


Satoshi called the bottom of the code?

Another possible bottom signal is fundamental rather than technical. Bitcoin’s price has now been in the low cost of production range for about the same period as the 2018 bear market trough.

For commodities, this is notable as prices bottom out around the cost of production. Satoshi Nakamoto, the creator of Bitcoin, also spoke about this.

“The price of any commodity tends to be driven by the cost of production. If the price is below cost, production slows down. At the same time, increased production increases the difficulty and pushes the cost of power generation to the price.”


Is Bitcoin’s ‘uptober’ about to begin?

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