As a seasoned crypto investor with over a decade of experience in this rollercoaster ride of digital assets, I must admit that October has always been a month to watch for Bitcoin enthusiasts like myself. The renewed optimism and bullish predictions from experts such as Michael Van De Poppe and Quinten Francois have certainly piqued my interest.
In October, traditionally viewed as an auspicious time for Bitcoin, there’s been a surge of positive predictions about its immediate prospects from crypto analysts. Even though the market has experienced turbulence lately, this renewed optimism might pave the way for a potential rally. Some experts are even suggesting that the leading digital currency could reach a new record high price in October.
October Could See Bitcoin Reaching Record Heights
Enthusiasm about Bitcoin is growing, as shown by a recent bullish projection from well-known market analyst Michael Van De Poppe, who serves as the CIO of MN Consultancy. He forecasts that BTC could experience a significant surge towards a new record high in October, reflecting his faith in BTC’s short-term potential.
According to Van De Poppe’s analysis, Bitcoin’s strong price growth in October from the past decade has been the main factor influencing his prediction. With growing institutional interest and the expanding use of digital assets, there’s a high likelihood that Bitcoin will experience an uptrend in October if the month follows the patterns observed in previous years.
It’s important to mention that earlier, the expert had forecasted a potential surge in Bitcoin’s price towards approximately $61,000. Yet, this predicted surge in liquidity didn’t occur and the price didn’t reach that level. However, Van De Poppe asserts that despite this, Bitcoin is still proceeding according to its intended plan.
Based on his analysis, the analyst predicts that BTC might return to around $57,000, where it’s likely to find support and resume its upward trend. Additionally, he pointed out that as Gold is reaching unprecedented peaks, Bitcoin may follow suit. This suggests that the digital currency could potentially reach a new record high price within the next month.
Besides Van De Poppe, another well-known analyst, Quinten Francois, also anticipates a fresh record high for Bitcoin this year. As an author and co-founder of WeRate, Francois shares a bullish outlook on BTC.
BTC Could End The Year Hitting $162,000 Threshold
According to the author’s interpretation, they are drawing insights from historical patterns and repetitions, focusing significantly on the contrast between the 2020 cycle and the present one. This comparison hints at a potential similarity with the trends witnessed during the previous bull market surge, which could propel the value of cryptocurrencies to uncharted highs.
As per Quinten’s analysis, during the 2020 period spanning from December 15, 2018, to September 1, 2020 (exactly 625 days), Bitcoin experienced a remarkable increase of more than 269%. In contrast, the expert points out that if we compare this to the current cycle, Bitcoin has already risen approximately 260% within the timeframe from December 30, 2022, to September 15, 2024.
In October, November, and December of 2020, the value of this digital asset experienced a significant increase – up by 27.7%, 42.95%, and 46.92% respectively. If Bitcoin follows suit with these monthly gains in the coming months, Quinten is optimistic that it could potentially reach a value of $162,539 by December.
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2024-09-17 18:41