Bitcoin Receives 69% Chance for ‘Uptober’ Bull Run From Artificial Intelligence

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As a seasoned crypto investor with a knapsack full of scars from market crashes and bull runs alike, I can confidently say that the forecast for Bitcoin in the fourth quarter is looking brighter than ever. The AI-based analysis pointing towards an 69% chance of hitting a new all-time high and a 54% chance of reaching $100,000 per BTC by year’s end has my attention firmly piqued.

1) According to Spot on Chain’s report, Bitcoin (BTC), the primary cryptocurrency, ended September with a 7.35% gain, marking its strongest September performance ever in terms of price. Moreover, leveraging its AI capabilities, the blockchain service anticipates an upward trend for the fourth quarter of this year, starting from October, a period now commonly referred to as “Uptober.

Based on analysis using artificial intelligence, it appears that there is approximately a 69% likelihood that Bitcoin will set a record high this month. Additionally, there’s about a 54% chance the price could reach $100,000 per Bitcoin before the end of the year.

It’s intriguing that October’s past price trends support the current prediction. Notably, Bitcoin hasn’t had a losing October since 2018. On average, it tends to increase by around 14.2% in October, with a median growth of 12.7%.

This adds more credence to our predictions, and considering Bitcoin’s past price trends, it appears that favorable conditions are shaping up for a potential rise in the coming quarter-end.

Bitcoin Receives 69% Chance for 'Uptober' Bull Run From Artificial Intelligence

There’s a strong possibility that Bitcoin, which previously reached an all-time high of $74,000 in March, could hit another record high in the near future. AI models are showing increased confidence, and historical price trends suggest this might be the case.

Thus, market participants who have been watching closely are preparing for potential gains. 

With each resilient recovery and growth spurt, Bitcoin is increasingly anticipated to continue its robust showings, potentially making this final quarter another instance of its renowned “Uptober” success narrative.

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2024-10-01 18:57