Bitcoin (BTC), for the first time since August, has exceeded the $65,000 threshold. This marks a major recovery after two significant downturns. Bitcoin’s price dropped by 20% in two different crashes on August 5, and on September 6, respectively.
However, as October approaches—a month often associated with a bullish resurgence for Bitcoin—market predictions are increasingly optimistic, suggesting Cryptocurrency could be gearing itself up for a major new uptrend.
Bitcoin Could Reach $79,000 in October
Bitcoin’s price reached $65,500 on Thursday after a 3 percent increase in a 24 hour period. Analysts have been discussing whether or not this upward trend signals a new bull market. parabolic bull run.
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Crypto investor Scott Melker expressed This sentiment emphasizes that Bitcoin has been trying to reach its highest level since March, when it peaked at $74,000.
Melker stated that a close above $65,000 confirms a new uptrend, moving from the August lows of $50,000. This pattern—a low, high, higher low, and higher high—suggests a bullish market structure The previous negative trends are replaced by the current positive ones.
Lark Davis and other analysts have noted that October is historically one of the strongest months for Bitcoin. pointing out This month, the average rate of return will be approximately 22.9%.
Bitcoin could reach $79,000 if it experiences a similar rise this year. It would surpass its all-time record and overcome key resistance levels. Davis’ analysis suggests that such a rise would pave the way for a strong rally in November.
Records-breaking Performance in September
Rekt Capital also provided an analysis of Bitcoin’s performance in recent months. He pointed out that September was often seen as a negative month, but it turned out to have been a positive one. the best September Bitcoin has seen its highest increase ever, at 9%.
Rekt highlighted historic patterns related to Bitcoin’s Halving cycle, showing that Bitcoin breaks away from the reaccumulation area approximately 154-163 days after the Hashing.
Bitcoin’s last halving, which took place April 2016, is now 159 days old. Rekt is a good indicator of future cycles. believes The timing of this breakout suggests that it could happen soon, which reinforces the idea that Bitcoin has a good chance to gain significant profits in the future.
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Recent 0.50% basis points (bps) and the Fed’s recent dovish attitude can be blamed for this current upsurge. interest rate cut On September 18, the market saw a significant bullish catalyst, not just for BTC, but for the entire stock exchange which had followed Bitcoins’ performance upwards in the recent days.
The last few days have seen a heightened level of activity in terms of the number and types resumption of inflows After a steady flow of outflows in August and September, the Bitcoin ETF has seen influxes. US Bitcoin spot ETFs, for example, had net inflows of $106 millions on Wednesday. This continued their net inflows over 5 days. BlackRock’s IBIT ETF saw an inflow $184 million.
There are a number of catalysts that will help the largest crypto currency on the market continue to recover. Massive gains can be expected for the second half of this year, and in early 2025.
Chart from TradingView.com, image from DALL.E
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Source: www.newsbtc.com
