With October upon us, the traditionally bullish “Uptober” is emerging as one of the most anticipated periods for Bitcoin investors in 2024. After a year of volatility and macroeconomic adjustments, analysts are divided on the possible performance of the king cryptocurrency. How could the price of BTC react in October?
In this analysis, we explore the different Bitcoin price predictions for October 2024, reviewing both the technical indicators and fundamental factors that could influence the market. Will October be another explosive month for Bitcoin, or will we see a significant correction before the end of the year? Here we detail the keys to understanding BTC’s future in the coming month.
What can Bitcoin expect during the month of October 2024?
At the time of writing, Bitcoin’s price was experiencing its best September ever. The leading cryptocurrency was trading at approximately $63,817, according to data from BeInCrypto. Thus, Bitcoin is down approximately 7.86% over the ninth month of the year.
When evaluating the data shared by Coinglass, since 2013, the price of Bitcoin has seen mostly positive returns during the months of October.
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In eleven years of records, the price of BTC has seen nine months of growth, hence its name “Uptober”. The last time Bitcoin closed October in the green was in 2023, with a significant increase of 28.52%. This detail was highlighted by Bitcoin enthusiast Justin Williams.
“These are the monthly averages for #BTC. Now you can see why they call October “Uptober”. These averages don’t lie. They are also good indicators of when to exit the market,” Williams said.
Bitcoin price monthly return in October. Source: Coinglass
BTC Price Predictions
Several cryptocurrency analysts have shared their BTC price predictions for the month of October 2024. Among them, TheoTrader highlighted that the market is on the verge of the most optimistic fourth quarter that may not be repeated in history.
“Here’s your seasonality fractal: Uptober expansion, leading us to the most bullish Q4 we’ll ever witness. Manifesto!” predicts TheoTrader.
Bitcoin price prediction. Source: X/@theo_crypto99
On the other hand, analyst Stockmoney Lizards believes that the market is taking shape. In this sense, he highlights that the important question is how high the current cycle maximum will be.
“Everything is taking shape: the bear, the bottom, the bull. Now the only question is: how high will the new all-time high be for this cycle? “Global liquidity, rate cuts and#BTCscarcity (after the fourth halving) will drive the price,” Stockmoney Lizards added.
Bitcoin price prediction. Source: X/@StockmoneyL
What are analysts saying?
InspoCrypto also shares a bullish view on BTC’s price. However, he believes that the bullish movement will occur in November. In his opinion, Bitcoin could see a pullback to $50,000 before the rally that takes it to $75,000.
“Based on recent institutional trading (OTC block trades) in the options market, it doesn’t look like we’re headed to ‘Uptober’ but rather ‘Upvember’. They are shifting their main trades to $75k strike call options through the end of November. This could very well support my thesis of a dip (I now think around $50k-$55k) before we actually get close to $75k. I’ll be following these moves closely,” InspoCrypto noted.
Bitcoin price analysis. Source: X/@InspoCrypto
Finally, PlanB, renowned for its Stock-to-Flow model, shared several key elements for the coming months and years.
In short, PlanB believes Bitcoin could reach $70,000 in October, $100,000 in November after the US presidential election, and $150,000 in December.
Bitcoin Price Analysis. Source: X/@100trillionUSDBitcoin Price Analysis. Source: X/@100trillionUSD
What is ChatGPT's projection for Uptober?
While emphasizing that it cannot predict the future or provide financial advice, AI chatbot ChatGPT shared three hypothetical scenarios based on possible trends. Its scenarios are: bearish ($41,000), neutral ($57,400), and bullish ($76,5880).
Bitcoin Price Prediction for June 2024. Source: ChatGPT
In short, these scenarios reflect a wide range of possibilities and are subject to change based on new developments and unforeseen events in the cryptocurrency market and the global economy.
However, it is widely recognized, and highlighted by ChatGPT, that the cryptocurrency market is very volatile and any prediction is not 100% accurate.
The article Bitcoin Price Prediction for October: Uptober is Coming appeared first on BeInCrypto Brazil.
