As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. Having closely followed Bitcoin since its inception, I must say that the current state of affairs presents an interesting opportunity for investors.
As a researcher delving into the world of cryptocurrencies, I find myself reflecting on October’s beginnings for Bitcoin. The ‘Uptober’ rally, traditionally a bullish period for Bitcoin, hasn’t unfolded as anticipated thus far. Nevertheless, I remain optimistic about Bitcoin’s long-term trajectory, taking into account various factors influencing both the broader economy and the crypto market. Here are five compelling reasons why investors might consider purchasing Bitcoin this month.
Five Reasons To Buy Bitcoin This Month
The five reasons to buy Bitcoin this month include the fact that pro-crypto US presidential candidate Donald Trump is leading in the polls. Meanwhile, despite the US PPI inflation data sparking concerns about a BTC dip, other macro developments still represent positive Bitcoin news. Lastly, October historically remains a bullish month for the flagship crypto.
Donald Trump Is Leading In The Polls
The most recent Polymarket analysis indicates that Donald Trump is currently in the lead in the polls, boasting a 54.1% possibility of winning the November 5 elections. Meanwhile, Kamala Harris’ chances are calculated at 45.4%. This data suggests an upward trend for Bitcoin prices, as Trump has openly expressed his backing for Bitcoin and other cryptocurrencies.
According to Bernstein analysts, Bitcoin could reach an unprecedented $90,000 if Trump gets elected, setting a new record high for this digital currency. Nevertheless, it’s important to note that Bitcoin is expected to establish a new record high regardless of whether Trump wins or not.
Previously, Bitcoin reached a record high following the last two U.S. presidential elections. One possible reason could be that the post-election period often provides market clarity or certainty.
China’s Stimulus Package Is On The Way
Based on a recent CNBC article, some economic experts speculate that the Chinese government might unveil an additional stimulus plan this weekend aimed at rejuvenating their national economy. Estimates suggest that the government could infuse anywhere from 1.8 trillion to 2.7 trillion yuan into the economy.
Implementing a loosening monetary policy could boost Bitcoin’s price, as Chinese investors would have increased funds to invest in the leading cryptocurrency. According to 10x Research founder Markus Thielen, such monetary easing policies in China might trigger a Bitcoin rally, potentially reaching new record highs.
Any US Fed Rate Is Bullish Bitcoin News
The latest US Federal Reserve meeting minutes reduced expectations for a significant 0.5% reduction in interest rates. Nevertheless, there’s still a high probability – approximately 90% according to Fedwatch data – that the U.S. Federal Reserve will implement a smaller 0.25% cut instead. Such a move could be beneficial for Bitcoin as increased liquidity from this monetary policy adjustment might flow into the Bitcoin market, boosting its ecosystem.
Interestingly, the Fed will decide on any potential rate cut at its November FOMC meeting, which comes up a day after the US presidential elections. Therefore, any rate cut plus a Trump victory could be the perfect recipe for a Bitcoin rally.
BTC Post-Halving Rally Is On The Horizon
The anticipated rise in the primary cryptocurrency, following its halving, appears to be drawing near. This surge could take place at any moment now. Traditionally, Bitcoin experiences a substantial increase in price between 150 and 170 days post-halving. Given that over 170 days have passed since the halving occurred in April, this upward trend seems inevitable.
Experienced trader Peter Brandt has pointed out that Bitcoin often experiences a rise following its halving event, and he forecasts the cryptocurrency could reach an astounding $135,000.
‘Uptober’ Rally Cannot Be Ruled Out
In October, Bitcoin typically performs exceptionally well, and this trend might continue with another ‘October surge’ in prices. Notably, Bitcoin also witnessed a substantial drop at the beginning of September, but it managed to record its strongest closing for the month of September since then.
If Bitcoin consistently experiences a monthly growth rate exceeding 20%, as seen in October, it might surpass its all-time high ($73,000) and set fresh records in November.
Conclusion
As a researcher, I’m closely monitoring the cryptocurrency market, and I believe we might be on the cusp of a Bitcoin (BTC) rally. Positive news, such as an additional stimulus package from China, could potentially ignite this surge, propelling the price of Bitcoin skyward. Meanwhile, it’s essential to keep an eye on the $66,000 price mark. A break above this level could signal the commencement of a bullish reversal.
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2024-10-11 21:53