Bitcoin Price Prediction: Here’s Why October Could Be a Record-Breaking Month

The cryptocurrency market is experiencing a notable surge, driven by rising optimism among traders following the Federal Reserve’s recent interest rate cut. According to data from Santiment, this shift in monetary policy has reignited enthusiasm in the crypto space, with many believing that the market is primed to thrive under these new conditions.

Analyst Shares Bullish Levels

Michaël van de Poppe, a well-known crypto analyst, shares his insights on the crypto market, noting that the Bank of Japan has opted to keep its interest rates steady. This decision, combined with the Fed’s 50 basis point cut earlier this week, is seen as a catalyst for growth in the crypto sector. Van de Poppe emphasizes that these developments could herald a bullish fourth quarter for cryptocurrencies.

Zooming in on Bitcoin, Van de Poppe highlights that the cryptocurrency is following its expected trajectory, with the $66,000 resistance level playing a key role in its movement. He warns of a possible pullback as Bitcoin nears this price, but his outlook remains largely positive, predicting a new all-time high (ATH) in October.

Is a Correct Coming?

Last week, Bitcoin experienced a strong rally, driven by expectations of the 50 basis point rate cut, but it soon pulled back to around $58,300 due to profit-taking. Despite this correction, the market shows potential for continued growth. After breaking through the descending channel at $61,200, Bitcoin now faces another hurdle at $63,600.

Should profit-taking occur, it is crucial for Bitcoin to hold support between $60,700 and $61,200. If this level holds, a breakout past $63,600 could set the stage for a run to $68,000, despite facing additional resistance near $65,950.

Uptober to Bring Some Good News!?

Technical indicators suggest that Bitcoin is on the cusp of a breakout, eyeing the $70,000 mark as it rallies from an inverted head-and-shoulders pattern. The bullish flag formation is gaining momentum, with the trendline approaching $68,000. A breakout from this channel could potentially trigger a new bull cycle for Bitcoin and the broader crypto market.

Historical data from CoinGlass highlights that October has typically been a strong month for Bitcoin, with an average return of 22.90% over the past five years. This positive trend may extend into November, which has averaged a return of 46.81%, despite some fluctuations. 

As Bitcoin nears the much-anticipated “Uptober” rally, can September close at $70K? The 4-day momentum is building—stay tuned!

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