October is historically known as a favorable month for Bitcoin, and there is a growing market optimism around it. As experts anticipate a potential rally, the focus is on how Bitcoin is set for an October surge to new all-time highs. Recent market fluctuations have not dampened this optimism; on the contrary, many analysts predict a possible record-setting month for BTC.
Bitcoin Set For An October Surge: Market Optimism Rises
Optimism is palpable among Bitcoin enthusiasts, notably with insights from renowned market analyst and Chief Information Officer (CIO) of MN Consultancy, Michael Van De Poppe. He has forecasted that Bitcoin could experience a significant rally, potentially hitting a new all-time high in October. His confidence stems from BTC’s historical performance during this month.
Van De Poppe’s bullish outlook is based on Bitcoin’s positive price trends in October over the past decade. Increasing institutional interest and broader adoption of Bitcoin play vital roles in this optimistic forecast. If history repeats itself, Bitcoin could indeed rally in the upcoming month.
Even though Van De Poppe’s earlier prediction that BTC would sweep liquidity around the $61,000 mark did not materialize, he maintains that Bitcoin is still on the right track. Accordingly, he foresees a visit to the $57,000 level where BTC could find support and then climb upwards.
Additionally, with Gold reaching unprecedented highs, there is a belief that Bitcoin might follow suit. This potential upward movement could lead BTC to achieve new all-time high prices in the coming month.
Notably, Van De Poppe is not alone in his prediction. Another well-known expert who has shared a similar optimistic outlook is Quinten Francois, an author and co-founder of WeRate. His projections also suggest a new all-time high for Bitcoin within the year.
Bitcoin Could Hit $162,000 By Year-End
Francois’s analysis relies heavily on examining past trends and cycles. Comparing the current cycle to the one from 2020, Francois observes a potential alignment that could drive Bitcoin to new heights.
In the 2020 cycle, Bitcoin soared by over 269% from December 2018 to September 2020. Similarly, the current cycle has seen BTC rise approximately 260% from December 2022 to September 2024. During the bull run in 2020, October, November, and December saw Bitcoin spike by 27.7%, 42.95%, and 46.92% respectively. If BTC mirrors these gains, it could reach the $162,539 mark by December.
Featured image from Unsplash, chart from Tradingview.com
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