Bitcoin Price Prediction for October 2024: Miners Signal Recovery – Here’s Why

As October unfolds, Bitcoin has taken a sharp downturn, dropping nearly $5,000 to settle at $60,798. Traditionally viewed as a bullish month—with an average gain of 22%—this decline has raised concerns among traders. However, there’s a silver lining: Bitcoin miners are reducing their inflows to exchanges, a move that could signal a potential market recovery.

Miners’ Retreat: A Shift in Sentiment?

According to CryptoQuant analyst Axel Adler Jr., miners are starting to cut back on their inflows to exchanges following a notable increase in sales after the Bitcoin halving. This reduction is significant, reflecting a potential shift in sentiment among miners.

Historically, when miners choose to hold onto their Bitcoin instead of selling, it can indicate a bullish outlook for the cryptocurrency.

The 30-day moving average (MA) reinforces this observation, showing a decrease in miners’ inflows to exchanges. Adler notes that this trend could be a positive sign amidst the current market turmoil.

While many traders may be feeling anxious about the price drop, the fact that miners are pulling back on their sales suggests a growing demand for Bitcoin in the future.

Bitcoin Price Predictions

If miners anticipate a price increase, they are more likely to retain their assets rather than inundate the market with sales. This holding pattern could lead to a supply squeeze, potentially driving prices up in the coming weeks.

Adding to the bullish sentiment, well-known crypto analyst Jelle points out that the $60,256 level serves as both a support and resistance line. If Bitcoin can maintain its position above this crucial level, it may indicate the onset of a price rally.

Jelle believes that if Bitcoin consistently holds above this key level, it could initiate a bullish trend that many traders have eagerly awaited. He also notes that this scenario could lead to a breakout from a falling wedge pattern.

With his sights set on $100,000 for Bitcoin, Jelle bases his prediction on historical price trends. If Bitcoin can successfully breach this key resistance level and sustain its position, achieving this ambitious target may well be within reach.