Will Bitcoins Price Follow the Uptober Scenario October Prediction Revealed
Bitcoin is just a week away from the start of October, a month that has historically been one of its most successful periods. In fact, Bitcoin (BTC) has experienced positive returns in October for 9 out of the last 11 years, with an average increase exceeding 22%. This consistent performance has led Bitcoin enthusiasts to affectionately refer to it as “Uptober.”
“Uptober” has historically been the best-performing month for #Bitcoin. In just seven days, it will be here. Are you prepared?
pic.twitter.com/a25BtD4a3J
— Crypto Rover (@rovercrc)
September 24, 2024
Current Bitcoin price forecasts suggest that this upward trend is likely to persist this year. The rising interest in meme coins like Popcat, First Neiro On Ethereum, and Crypto All-Stars indicates that market whales are anticipating a forthcoming bull run. However, Bitcoin must first overcome some significant resistance levels.
### Bitcoin Price Prediction – What’s Next for BTC in October?
There’s no shortage of optimistic scenarios supporting the potential for an “Uptober” rally. A key factor is the anticipated increase in liquidity in the crypto market due to the Federal Reserve’s aggressive quantitative easing measures. Recently, the Fed surprised market participants with a 50 basis point rate cut, and the CME FedWatch tool indicates an over 84% likelihood of at least another 75 basis points easing in the near future.
The US Federal Reserve isn’t alone in its easing policies. The People’s Bank of China has also reduced the Reserve Requirement Ratio by 50 basis points and implemented various stimulus strategies. Other prominent economies, including the UK, Canada, and the European Union, have also adopted quantitative easing measures. This surge in global liquidity typically serves as a bullish sign for Bitcoin.
Analysts are also closely monitoring the SEC’s recent approval of options trading for BlackRock’s IBIT ETF. Kelly Greer from Galaxy points out that the derivatives market is generally 10 to 20 times the size of the underlying asset market. However, Bitcoin options currently represent only 2% of Bitcoin’s market capitalization. Therefore, the IBIT options trading is likely to attract substantial interest, particularly as BlackRock caters primarily to traditional financial institutions.
SEC approves options on BlackRock spot Bitcoin ETF
liquidity flywheel incoming
listed options in the world’s largest capital market – why you care:
https://t.co/p2XEnsPb6v
— Kelly Greer (@kellyjgreer)
September 20, 2024
Consequently, it’s no surprise that recent Bitcoin price predictions suggest BTC is on track to reach new all-time highs, particularly as October unfolds.
#Bitcoin / $BTC
Overlayed the fractal of last September / October’s price action to this year’s just for fun. It serves as a good reminder that September marked the bottom of the range, and “Uptober” typically leads to a significant upward shift in momentum, but the real excitement occurs at the month’s end…
pic.twitter.com/bPfxB4rXB2
— K A L E O (@CryptoKaleo)
September 24, 2024
Nevertheless, Bitcoin bulls need to break through some crucial resistance levels. For instance, BTC is currently trying to surpass the 200-day Simple Moving Average, which sits at approximately $63,900. A weekly close above this threshold could ignite a rally toward $70,000. Additionally, BTC must maintain its position above several key support levels, including the 21-week EMA, which serves as a critical indicator for a bull market.
### High Demand for Meme Coins Signals an Impending Bull Run
Meme coins like Dogwifhat have accurately reflected the overall market sentiment during this bullish cycle. As savvy investors view WIF as a speculative bet on the market, its impressive 31% growth over the past month suggests strong optimism.
Likewise, meme coins such as Popcat and First Neiro On Ethereum are experiencing heightened interest, both approaching billion-dollar valuations. Whales appear to be accumulating new meme coins, particularly following Binance’s surprise listing of First Neiro On Ethereum, leading them to speculate that more prominent exchanges will follow suit by listing low-cap tokens.
For instance, Crypto All-Stars (STARS) has successfully raised over $1.5 million in presale funding, thanks to its innovative staking initiative, MemeVault.
https://x.com/all_stars_coin/status/1837881591974318225
MemeVault accommodates 11 different meme coins—including DOGE, SHIB, and PEPE—and enables holders to earn attractive staking rewards. Consequently, Crypto All-Stars is garnering robust support from major meme coin communities, with some analysts aiming for returns of up to 100x with STARS.
Explore Crypto All-Stars Presale.