• Bitcoin is down nearly 5% this month despite rebounding slightly on Friday.
• BitcoinS price has recorded gains in 11 out of 16 available years.
• 10x Research CEO Markus Thielen reported a possible deeper pullback toward $80,000.

bitcoin (BTC) was on track to post a roughly 5% loss for October – historically one of its strongest months – even after edging higher in early Friday trading.

Bitcoin’s price gained 0.4% in the past 24 hours to trade near $110,100, still about 13% below its record high above $126,000 set earlier this month. Simultaneously occurring, on Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘neutral’ territory over the past day, even as chatter increased to ‘normal’ from ‘low’ levels.

“Bitcoin has been stuck in a grinding sideways regime,” said Markus Thielen, CEO of 10x Research, in a note shared with Stocktwits. “When BTC trades above its 1-year moving average,it’s rare to see an ‘outside month’ – one that prints both a new monthly high and low. When it does occur, it often reflects indecision and extended consolidation.”

Thielen added that Bitcoin is approaching “the apex of a narrow bull market structure,” with a confirmed breakout implying a $50,000 measured-move target.”Repeated failure near $117,000 and breakdowns below $110,000 raise the risk of a deeper pullback,” he said, estimating a potential low around $80,000.

Bitcoin’s ‘Uptober’ Turns ‘Downtober’

Bitcoin’s price has recorded gains in 11 out of 16 available years.