Bitcoin Analyst Warns October Pullback Looms Amid Steady Gains

A technical analyst believes that Bitcoin may be due for a healthier cooling-off period in October after months of steady gains. The rally began in July and has continued through late September, with Bitcoin climbing steadily since then.

The analyst is watching one support zone closely, around $82,900 to $83,000. As long as Bitcoin holds above this level, the short-term uptrend stays intact, and there's still room for another push higher, potentially toward $88,600 to $92,200.

If Bitcoin does break down further, the next levels to watch are $81,600, then the 50-week average currently sitting near $78,700, and finally a deeper zone between $63,326 and $74,800 if selling really picks up. However, the analyst emphasized that these lower levels aren't targets but areas where buyers might step in if a real pullback unfolds.

The analyst noted that a pause in Bitcoin's rally could actually be good for altcoins. He pointed out that whenever Bitcoin trades sideways instead of surging, altcoins often get their moment to shine, something already playing out in recent weeks.