In this video: Bitcoin Elliott Wave analysis for 2 October 2026: Bitcoin's push higher faded below the September high at around $87,400, and the price stays in the range between $81,600 and $86,961. Video by More Crypto Online.
We look at the 5-wave advance from the July low, whether one more high into $88,600 to $97,637 is still possible, what would confirm a top and the levels to watch over the weekend. At the end, we answer a viewer question: can an Elliott Wave analysis be wrong?
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Bitcoin (BTC) surged past $86,000 today, briefly touching a daily high of $87,146 as the highly anticipated "Uptober" rally gains early traction. The leading cryptocurrency is up roughly 2% over the last 24 hours, fueled by heavy institutional inflows, macroeconomic adjustments, and massive short liquidations. However, leveraged volatility triggered brief profit-taking, paring some early gains down toward the $85,100 - $85,400 zone.
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Bitcoin Insights Today
• Citigroup's Target Upgrade: Citigroup proactively boosted its 12-month Bitcoin price forecast to $113,000 from a previous $82,000 estimate. Analysts cite expected steady growth in spot ETF allocations alongside intensifying "fiat debasement fears".
• Massive Short Liquidations: The sudden breach above the multi-week $85,000 resistance wall caught derivatives traders off guard, forcing over $120 million in short position liquidations. Across the broader crypto market, total liquidations reached $324.68 million over the last day.
• The "Uptober" Structural Shift: Historically, October is one of Bitcoin's strongest months, closing green in 10 of the past 13 years with an average monthly gain of 18.71%. Market open interest ballooned by $2.3 billion since September 30, signaling aggressive bullish leverage building up.
• Macroeconomic Data Anticipation: Traders are closely watching the easing of U.S. 10-year Treasury yields (down to 5.22%) and looking ahead to the upcoming U.S. jobs report, which expects unemployment to hold at 4.1%.
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