Bitcoin recovery delayed as analysts predict sideways October

Bitcoin’s (CRYPTO:BTC) price briefly rose above $61,400 on Wednesday, but analysts suggest its recovery to an all-time high near $74,000 could take longer than expected. 

According to analyst Willy Woo, Bitcoin’s current market structure indicates a bearish trend in the mid-term, with potential for a sideways movement throughout October. 

Woo predicts that a bullish momentum could resume in November and December. 

Despite recent price fluctuations, Woo maintains a long-term optimistic outlook for Bitcoin, particularly as geopolitical tensions increase. 

Presto Research also notes that this month marks the worst start for Bitcoin in October since 2013, following a price drop influenced by the recent Middle East conflict. 

The research further explains that Bitcoin’s risk profile differs from that of traditional assets like gold. 

While gold has maintained stability over centuries, Bitcoin remains in the early stages of adoption, leading to more price volatility in the short term. 

Presto Research compares Bitcoin’s current volatility to gold’s price movements in the 1970s, suggesting that Bitcoin’s stability may increase as the asset matures. 

In the short term, Bitcoin may face continued market pressure, but the potential for a recovery remains as investors look to the longer-term performance of the asset. 

As Bitcoin’s narrative continues to evolve, its price movements are likely to remain a point of discussion for traders and investors. 

At the time of writing, the Bitcoin price was $61,160.26.