Analyst: Bitcoin needs to hold $69,000 to be considered a bullish breakout of the current range

Odaily Planet Daily Report: CoinDesk market analyst Omkar Godbole said that Bitcoin needs to break above and stay above $69,000 to be considered a bullish breakout of the current range. The breakout would signal the resumption of a broader uptrend from the October 2023 low and shift the focus to the $100,000 target price level expected by options traders. The sideways price action can be interpreted as an accumulation phase (investors slowly buying supply without significantly pushing up the price) or a distribution phase (they sell their positions in a similar controlled manner). This often leads to a period of high volatility afterwards. Factors such as uncertainty around the US elections, rising US bond yields, and the extension of the Mt. Gox repayment deadline to October 2025 have contributed to the lackluster Bitcoin price performance. Bitcoin is emerging from the seasonal weakness of August and September (when investors typically do not make significant moves) and entering the historically bullish October. CoinDesk's analysis shows that most of the gains in October typically occur in the second half of the month, usually after October 16.