Bitcoin has skyrocketed 10% in 20 minutes. Here's What Really Happened (translated from elliottwave com)

If you haven't woken up to see it for yourself yet, early morning on October 1st, from 6:25 to 6:45, prices forBitcoin soared a whopping 10%.The surge just before sunrise left some analysts with a woozy sense of disbelief (dream?). On October 1, Yahoo Finance wrote: “Bitcoin's biggest jump since July has traders wondering why. Traders have offered a variety of possible reasons for the rise, noting that the fractionated market makes digital assets vulnerable to volatile price movements.” While others tried to attribute the sudden surge to a host of bullish catalysts, such as: Salvadoran President Nayib Bukele's late-night tweet announcing the first successful Bitcoin mining using a volcano. (Market review as of October 1). Federal Reserve Chairman Jerome Powell's recent pledge to not ban cryptocurrencies like China. And finally, as the October 1 New York Post headlines put it: “Bitcoin surges 10 percent on Friday as cryptocurrency fans celebrate 'Uptober.'”

The problem is the tweet came on October 1st, Fedcame out on September 29, but bitcoin bottomed out on September 28. This means that while both events may well have increased the tailwind, they did not create that wind. As far as the idea that October is synonymous with Bitcoin's growth, where that idea came from is puzzling to me. Because if you look at the historical data for all of the October in bitcoin history, you will find both Uptober and Downtober. Namely: October 7, 2009, 2013, 2015, 2016, 2017, 2019 and 2020 showed positive monthly returns for Bitcoin, October 5, 2010, 2011, 2012, 2014 and 2018 showed negative monthly returns.

I like to punch holes in the mainstreamreasoning because it paves the way for a new way of looking at market behavior. In particular, prices are not driven by news, but by Elliott wave patterns of market psychology. September 28th - three days before Bitcoin's 10% rise - our Crypto Pro service has set the stage for a powerful advance. That evening at 11:49 pm we called for a rally in the third wave: “The reaction of the 40830.44 test, the low of wave ((W)), could indicate a low for wave ii. Against 40820.14 focus on growth in five waves. The next target of the bulls is the breakout of the corrective price channel of wave ii and above 44296.64 ".

BEFORE:
AFTER:
After all, there will always be some "fundamental" reason for "explaining" market movements - after the fact.

translation from here