As a seasoned crypto investor with over a decade of experience in this dynamic market, I can confidently say that the current bullish trend of Bitcoin is indeed intriguing and potentially profitable. The recent developments, coupled with historical data and technical analysis, suggest a strong possibility of Bitcoin reaching $80,000 by October, as prophesized by many in the community.
The cost of one Bitcoin has reached $65,000 for the first time since August’s start, driven by several recent positive events that suggest an optimistic future for this leading cryptocurrency. Many investors believe that this upward trend in Bitcoin might continue, potentially pushing its value up to $80,000 during October, a month often associated with Bitcoin’s bullish tendencies.
Bitcoin Price Can Reach $80,000 In Uptober
There are several reasons that suggest Bitcoin’s price could hit $80,000 in October. One key factor is the broader economic context, which has been very favorable for the cryptocurrency market. This positive trend started with the recent interest rate reductions by the US Federal Reserve (50 basis points to be exact). As a result, investors have been increasingly willing to invest in riskier assets like cryptocurrencies.
This week, the People’s Bank of China (PBoC) revealed plans to lower interest rates and implement economic stimulus measures. According to CoinGape, this decision is seen as positive for Bitcoin, with analysts predicting that its price could reach $100,000 due to China’s stimulus package and increased crypto trading with Russia.
Currently, recently released U.S. GDP data and jobless claims indicate a robust U.S. economy, justifying the Federal Reserve’s decision to lower interest rates by an additional 0.25% on two more occasions this year. Governments worldwide are expected to persist with implementing monetary policies aimed at stimulating their economies.
According to a recent report by Coingape, increased market liquidity is expected to enter the Bitcoin system during October. This added liquidity could contribute to Bitcoin’s continued rise, making it more probable that its price will continue to climb through October.
From A Historical And Technical Perspective
Looking at both its historical background and technological aspects, it seems Bitcoin’s price could potentially surge towards $80,000. Data from Coinglass indicates that historically, October has tended to be a highly profitable month for Bitcoin over the past eight years.
During this specific timeframe, the leading cryptocurrency experienced a decline in value only once in October, which happened back in 2021. Remarkably, its growth in October has consistently been in double digits. The exception to this trend was in 2022 when it ended the month with a modest increase of 5%.
According to Jelle’s latest assessment, Bitcoin might soar up to $80,000 by October. This prediction is based on the bullish market trend, as Bitcoin has successfully surpassed the previous resistance level of $65,000. His chart indicates that this price target is likely, given Bitcoin’s ongoing upward trajectory.
Market Volatility Ahead Of October
There’s plenty of room for change until October, as the Bitcoin market prepares for significant fluctuations. According to CoinGape, approximately 89,027 Bitcoin options with a total value of $5.8 billion are set to expire today. The current put-call ratio of 0.64 indicates a strong bullish outlook.
Today, at 1:30 p.m. UTC, the U.S. Core Personal Consumption Expenditures (PCE) inflation data will be published. This could potentially cause significant fluctuations in Bitcoin’s price due to its impact on market trends. It is predicted that the PCE price index increased by 0.2% in August.
As a crypto investor, I’m keeping a close eye on the $65,000 mark for Bitcoin. If we can hold this level, it could signal an extension of the rally. Interestingly, according to analyst Ali Martinez, approximately 57.77% of Binance users with active positions are currently betting against BTC, a statistic worth monitoring. Despite this, Bitcoin is on track for its most profitable September in history, having risen more than 10% so far this month.
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2024-09-27 12:16