Bitcoin (BTC) has been on a remarkable upward trajectory, gaining over 10 percent in the last two weeks. As of now, Bitcoin’s price hovers around $67,000, just shy of the key resistance level at $68k. While Bitcoin enthusiasts are anticipating a breakout, the market faces a moment of uncertainty, as the flagship cryptocurrency struggles to surpass this significant hurdle. Traders and investors alike are wondering: Will Bitcoin see a major bull run before the end of October?

Bitcoin’s Struggle with Resistance at $68k

Despite its recent surge, Bitcoin has encountered strong resistance near $68k, failing to break through this level twice in the past four days. This price action has formed a potential double top, a bearish chart pattern often signaling a reversal or pause in the asset’s upward movement. Compounding this, Bitcoin’s Relative Strength Index (RSI) on the daily timeframe indicates bearish momentum, raising concerns of a near-term pullback.

Adding to this, in the four-hour timeframe, Bitcoin’s bullish momentum has noticeably declined over the past few days, signaling a possible selloff during the weekend. The market’s high levels of greed could trigger a swift selloff, potentially followed by a rapid rebound toward an all-time high.

Key Price Targets Ahead for Bitcoin

As Bitcoin hovers around $67k, investors are closely watching key support and resistance levels. According to renowned crypto analyst Michaël van de Poppe, those hoping for Bitcoin to drop below $50k might be out of luck.

Similarly, another crypto analyst known as Jelle has noted that Bitcoin may be on the verge of a major breakout, setting the stage for price discovery beyond its previous all-time highs. Historically, after Bitcoin undergoes its post-halving consolidation, it has experienced significant bull runs in the following months, a trend that many expect to continue.

Whale Investors Continue Accumulating Bitcoin

Despite short-term market uncertainty and potential volatility, on-chain data shows that whale investors (those holding large amounts of Bitcoin) are actively accumulating more BTC. Over the last 24 hours, approximately 4,000 BTC have been withdrawn from centralized exchanges, which often signals that large investors are buying and holding their coins, rather than looking to sell. This accumulation aligns with the ongoing market rebound and sets the stage for Bitcoin’s price to potentially surge higher.

Another critical factor supporting Bitcoin’s current price rally is the increasing interest from institutional investors. In particular, spot Bitcoin ETFs (Exchange-Traded Funds) in the United States, spearheaded by BlackRock’s IBIT, have amassed over $2 billion worth of Bitcoin in just the past few days. On Thursday, these spot Bitcoin ETFs registered a $470 million net inflow, marking the fifth consecutive day of positive cash inflows. This surge in institutional demand is driving confidence in Bitcoin’s future price prospects.

Historical Trends Support a Bullish Outlook

One of the most compelling arguments for Bitcoin’s upcoming bull run lies in its historical patterns. After each Bitcoin halving event, the market typically enters a consolidation phase, followed by a substantial bull rally. Previous halvings have paved the way for Bitcoin to reach new all-time highs, and many analysts believe this cycle is no different.

The fact that Bitcoin has consolidated around the $65k-$68k range is not necessarily a bearish signal. Instead, it could be a precursor to a significant breakout that takes Bitcoin beyond its current price barriers and into price discovery mode. With whale accumulation on the rise and institutional interest remaining high, the odds of a major rally between October 20th and October 30th appear strong.

Will Bitcoin Reach a New All-Time High?

While Bitcoin faces resistance at $68k, market sentiment remains optimistic for the upcoming weeks. The combination of technical indicators, whale activity, and institutional inflows suggests that Bitcoin could be on the verge of a breakout. If Bitcoin manages to surpass the $68k resistance, the next target for bulls would be its all-time high of $69k, followed by potential price discovery into uncharted territory.

However, it’s essential to keep in mind that the crypto market is known for its volatility. Any sudden selloff could lead to a quick price dip before Bitcoin resumes its upward trajectory. Nevertheless, the overall outlook for Bitcoin remains bullish, especially if it maintains strong support around $65k.

Final Thoughts: Prepare for Volatility

As we approach the end of October, Bitcoin investors should be prepared for potential volatility in the market. The upcoming weeks could see a significant rally, especially if Bitcoin manages to break through the $68k resistance. Whale accumulation and increasing demand from institutional investors continue to be bullish signals for Bitcoin’s future.

That said, traders should be cautious of any short-term selloffs, particularly over the weekend when liquidity tends to thin out. Overall, the current market setup suggests that a Bitcoin bull run is on the horizon, and those holding BTC could be rewarded in the coming days.