Bitcoin may hit a new all-time high in October, with predictions of a wave 5 breakout driving prices to as much as $120,000. Market experts warn of volatility, but the outlook remains bullish.

Wave 5 Breakout Predicted to Push Bitcoin to $120K

According to an X post by Mikybull Crypto, the Bitcoin price breakout is scheduled for this month. His prediction for the "estimated 22nd of this month" was the official launch of wave 5 expansion. Additionally, he mentioned that market participants are currently faced with the challenge of enduring the fourth wave of lengthy decline. Additionally, he cautioned investors not to be scared off because the breakout is almost here.

When wave 5 of Bitcoin's expansion happens, the price might reach $95,000 to $120,000, according to the chart he presented. As a result, this month may see the flagship cryptocurrency reach a new ATH. However, the analyst didn’t indicate whether this is the Bitcoin price cycle peak or not.

Market Experts Warn of Price Volatility Amid Middle East Tensions

In late October, he expects Bitcoin to hit a new all-time high, which is in line with the prediction of 10x Research founder Markus Thielen. Thielen, on the other hand, was more cautious in his forecast, pointing out that BTC might hit $75,000 by the end of October. The current all-time high for Bitcoin is $73,000, so this is still higher.

As Mikybull Crypto pointed out, Bitcoin prices could fall as a result of the wave 4 protracted price drop. The impending strike by Israel has already put the Bitcoin price in jeopardy of falling below $57,000. Given this, according to Coingape, the flagship cryptocurrency may soon break below its critical support level of around $60,000.

Analysts Point to Critical Support Levels as BTC Teeters Near $60K

In addition, cryptocurrency expert Ali Martinez explained why Bitcoin might fall to $57,000. According to the expert, the crucial level to keep an eye on is $60,365. If the cryptocurrency price breaks down below $60,365, he said, it may drop to $57,420. If Bitcoin remains above this level, though, he said that a return to $63,300 is possible.

A further price fall could be beneficial for the Bitcoin price, according to the on-chain analytics platform Santiment. After Bitcoin's retracement from its local high of $66,400 on September 27, the site noticed that the crowd's enthusiasm for the cryptocurrency market had significantly subsided. As per Santiment's claims, this shift in sentiment is promising because market prices almost often go against popular belief.