Bitcoin's October Outlook Hinges on $82,000 Support

Bitcoin's performance in October will be influenced by its ability to hold onto $82,000 as support, according to analysts Jeff Ko and Lacie Zhang. The current price of Bitcoin is around $83,500, having given back its gains after rising above $85,500 following the recent PCE release.

Ko noted that the entire gain was reversed after the release, and that $82,000 is a key level because liquidation clusters become thinner below that price. Zhang places the main downside liquidation zone between $82,000 and $82,500, warning that losing the area could accelerate a decline toward $80,000.

Both analysts agree that institutional buying must outpace long-term holder and miner selling to sustain gains. Zhang cites $2.4 billion in ETF inflows last week, followed by a sharp slowdown to $31.1 million in daily net inflows on September 28. She also notes that Strategy purchased another 1,665 BTC, bringing its holdings to 847,666 BTC.

Zhang's October forecast puts the trading range between $78,000 and $95,000, with $87,500 as the main breakout level. She warns that a break above $87,500 would increase the likelihood of a short squeeze, while a sustained decline below $80,000 would invalidate her seasonal bullish setup.