As a seasoned analyst with over two decades of experience in financial markets, I have seen many bull runs and corrections. With a keen eye for market trends and an unwavering belief in the power of blockchain technology, I am optimistic about Bitcoin’s potential to hit a new all-time high this Uptober.
It’s possible that Bitcoin may reach a never-before-seen peak this October, given its traditionally strong performance in this month. This pattern from the past suggests that the leading cryptocurrency could potentially soar up to $80,000, surpassing its current record high of $73,000. But achieving a new record might not be as straightforward as one might think.
Bitcoin Price To Rally To New ATH This Month
It’s predicted that the price of Bitcoin (BTC) could reach a fresh all-time high (ATH) this month, based on past trends. Interestingly, September saw a 7% increase in its closing price, and data from Coinglass suggests that Bitcoin typically experiences positive monthly returns during the last three months of the year, which has occurred only three times historically.
Additionally, the well-known Bitcoin X platform, known as BTC Archive, has revealed data suggesting that the leading cryptocurrency might surge to around $80,000 after its positive September performance. In October alone, the crypto has typically seen a 25.81% increase following a green September candle. If this trend continues, Bitcoin could potentially reach $80,500.
As a researcher, I’ve noticed an intriguing pattern: over the past nine Octobers, Bitcoin’s price has seen an average increase of 22.9% in eight instances. If this trend were to continue, we could potentially see Bitcoin surpassing its current all-time high (ATH) of $73,000, reaching a new peak above $78,000. Notably, QCP Capital, a trading firm, has also pointed out other factors that strengthen the likelihood of Bitcoin reaching a new ATH.
As a crypto investor, I’ve noticed that the inflows into Spot Bitcoin ETFs have been consistently positive, much like they were during the first quarter bull run earlier this year. Back then, these substantial inflows significantly contributed to Bitcoin’s price reaching its all-time high (ATH) of $73,000 in March. Now, as perp funding levels are approaching those recorded during that period, I find myself watching the market with renewed interest.
10x Research’s founder, Markus Thielen, anticipates Bitcoin will once again surpass $70,000 and set a new all-time high by late October. He bases this prediction on the increase in stablecoin liquidity and China’s monetary loosening policies, which he believes could ignite a price surge exceeding $73,000.
The Road To A New ATH Won’t Be Straightforward
Despite predictions suggesting that Bitcoin’s all-time high (ATH) might be surpassed this month, it’s important to note that any rally above $73,000 may not come easily. According to an analysis by CoinGape, Bitcoin could experience a downturn after dipping below the critical support level of $65,000. This potential correction might push the leading cryptocurrency back towards $61,000.
The ongoing tension between Israel and Iran partially contributed to an event that has transpired so far. Currently, the value of Bitcoin is nearing the significant figure of $60,000. Crypto analyst Ali Martinez predicts this surge is merely a minor correction before a major breakout. Earlier, Martinez suggested that Bitcoin might dip down to around $57,000 only to then surge towards $78,000 afterward.
As an analyst, I’ve been closely monitoring the cryptocurrency market, and according to my analysis using the on-chain analytics platform Santiment, any potential price retracement in Bitcoin (BTC) could be a positive sign for the broader crypto market. The current bullish sentiment towards BTC suggests a high likelihood of the market reaching its peak.
The ongoing Israel-Iran tension is currently causing turbulence in the crypto market and pushing prices lower. But, if tensions in the Middle East ease, there’s a good chance the market will recover. It’s interesting to note that September started off much like it is now, with Bitcoin experiencing a 10% drop during the first week before subsequently surging by 26% to reach $65,000.
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2024-10-02 01:14