Bitcoin reached $65,000 for the first time since early August, and multiple factors suggest a potential rise to $80,000 in “Uptober.”
Key Highlights :
– Macro-economic conditions favor a Bitcoin rally to $80,000 in October.
– Historical data and technical analysis suggest this surge is possible, though volatility may occur before then.
Bitcoin’s price has surged to $65,000, driven by recent developments that have bolstered its bullish outlook. As a result, many believe the price could continue rising, potentially reaching $80,000 in October—referred to as “Uptober” due to Bitcoin’s typically strong performance in this month.
**Reasons Bitcoin Could Hit $80,000 in October**
Several factors could propel Bitcoin to $80,000. Macroeconomic shifts, such as last week’s US Federal Reserve rate cut by 50 basis points (bps), have reignited investor interest in risk assets like Bitcoin. Additionally, the People’s Bank of China (PBoC) recently introduced rate cuts and stimulus measures to boost its economy, which analysts believe could push Bitcoin even higher. China’s crypto trade with Russia is also a contributing factor.
US economic data, including healthy GDP figures and jobless claims, further support the Federal Reserve’s decision to cut rates, with more reductions expected this year. These global monetary easing policies are expected to channel additional liquidity into the Bitcoin ecosystem, helping drive the price surge in October.
**Historical and Technical Outlook**
Historically, October has been one of the most profitable months for Bitcoin over the past eight years, with only one instance of a monthly loss. Double-digit gains have been common in October, except in 2022 when Bitcoin saw a modest 5% rise.
Crypto analyst Jelle recently highlighted that Bitcoin’s market structure is bullish, having surpassed the $65,000 resistance level. Jelle’s analysis points to an $80,000 target as Bitcoin’s uptrend continues.
**Potential Market Volatility Before October**
However, significant volatility could arise before Uptober. For instance, 89,027 Bitcoin options, worth $5.8 billion, are set to expire soon, with a bullish sentiment indicated by a put-call ratio of $0.64. Additionally, upcoming US inflation data could introduce further price fluctuations.
Currently, $65,000 is a critical support level for Bitcoin’s continued rally, although some traders remain short on BTC. Bitcoin has already surged over 10% in September, setting the stage for its most profitable September to date.
