Odaily Planet Daily News CoinDesk market analyst Omkar Godbole said that Bitcoin needs to break through and stay above $69,000 to be considered a bullish breakout of the current range. A breakout would mean the resumption of the broader uptrend from the October 2023 low and turn the focus to the $100,000 price target expected by options traders. Sideways movements can be interpreted as accumulation periods (investors slowly buy supply without significantly pushing prices) or distribution periods (they sell positions in a similar controlled manner). This situation usually leads to a period of high volatility afterwards. Factors such as uncertainty in the US election, rising US Treasury yields and the extension of the Mt. Gox repayment period to October 2025 have led to sluggish Bitcoin price movements. Bitcoin is moving out of the seasonally weak August and September (during which investors usually do not make big moves) and entering the historically bullish October. The bulk of October’s gains typically occur in the second half of the month, usually after Oct. 16, CoinDesk analysis shows.