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Bitcoin price is approaching $28.5K as a trader claims that it “reeks of disbelief.”

Bitcoin maintains its quick October gains, but a look at the price of BTC indicates reasons to remain realistic about the future.

Bitcoin “upside wick” fakeout worries analyst
BTC price activity continued to remain robust into the first American trading session of October, according to data from Cointelegraph Markets Pro and TradingView.

Following a contrastingly chilly monthly candle completion that saw BTC/USD finish at $26,970, the largest cryptocurrency quickly increased into the weekly close.

Despite being more than 5% below spot price, this monthly closure prompted caution for well-known trader and analyst Rekt Capital.

In part of the day’s X (previously Twitter) analysis, he tweeted, “Bitcoin performed a September Monthly Candle Close below $27,100 (black),” with an explanation chart.

“Black was technically established as resistance for September.”

Rekt Capital acknowledged the breakout in October and stated that, should it hold, it would “invalidate the bearish predicament.”

However, he added, “there is always going to be a potential that this price action might wind up as an upside wick because BTC Monthly Closed below black.

“Bitcoin has previously provided upside wicks of up to +8%. BTC is currently up +4.5% this month. Theoretically, an upward wick might occur on any price up to $29400 (+8%).

The US economy (especially, growth and financial stability) and the markets do not benefit from the DXY strength, according to economist Mohamed El-Erian, who also cited rising bond yields and oil prices.

Despite this, Bitcoin remained remarkably unaffected.

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