Bitcoin (BTC) ended October with a strong gain of 11% despite the month starting with a sharp drop to $58, which bulls used as a springboard for an upward rally.
BTC price Chart for 7 Days. Source: CoinGecko
At the end of October Bitcoin showed two consecutive green monthly candles, a known bullish signal that often indicates a buying opportunity.
According to Tradingshot analysis, this two-candlestick pattern has historically signaled the start of bullish cycles in several market phases since 2015.
Bitcoin's history includes several accumulation phases (2015 to 2018 and 2019 to 2021), during which the asset consolidates as buyers increase their positions. After such periods Bitcoin has formed two green monthly candles in succession, indicating the start of a new rally phase.
BTC Price Chart Analysis. Source: TradingShot/TradingView
The current cycle, which entered a consolidation phase about seven months ago, is repeating this established pattern.
During this period Bitcoin consistently lacked consecutive green monthly candles, which is a hallmark of the classic accumulation stage, during which buyers quietly build up positions.
Now that the two green monthly candles have finally closed one after the other, Bitcoin , may be ready for a powerful breakthrough.
Bitcoin's bullish momentum is picking up ahead of the US presidential election, pushing its price just above $73 and approaching an all-time high.
In addition, SosoValue data shows that on October 31, ETF BlackRock IBIT saw $318 million in net inflows after hitting a record $30 million on Oct. 875. The surge took the total amount of bitcoin in spot bitcoin ETF beyond 1 million BTC, indicating high institutional demand for Bitcoin .
Since its launch ETF BlackRock has amassed about $30 billion in assets, with nearly half added in the last month.
SosoValue data
This institutional momentum could be the main catalyst for Bitcoin to set a new price record. Based on this, it makes sense to buy BTC now.
