Will Bitcoins Price Follow the Uptober Scenario in October
Bitcoin is now a week away from entering October, which has often been its best-performing month.
Indeed, BTC has been in the green in October for 9 of the past 11 years and saw an average growth of over 22%. It’s not without reason that Bitcoin bulls have termed it ‘Uptober’.
“Uptober” has historically been the best-performing month for
#Bitcoin
.
In seven days, it will be Uptober. Are you ready?
pic.twitter.com/a25BtD4a3J
— Crypto Rover (@rovercrc)
September 24, 2024
The latest Bitcoin price predictions show a strong likelihood of the trend continuing this year as well.
The strong demand for meme coins like Popcat, First Neiro On Ethereum and
Crypto All-Stars
also reveals that whales expect a bull run to start soon.
However, BTC still needs to flip some key resistances.
Bitcoin Price Prediction – How High Can BTC Go In October?
There is no shortage of bullish narratives for the Uptober scenario to play out.
Most importantly, the crypto market is set to see a strong uptick in liquidity, following the Federal Reserve’s aggressive quantitative easing.
The central bank surprised the market with a 50 bps cut and the
CME FedWatch
is showcasing an over 84% probability of at least another 75 bps easing.
The US Fed isn’t the only central bank turning on the money printer.
The People’s Bank of China has also cut the Reserve Requirement Ration by 50 basis points, in addition to other stimulus measures. Other major economies like the UK, Canada and the European Union have also embraced quantitative easing.
In short, global liquidity is expected to soar, which has traditionally been an extremely bullish indicator for Bitcoin.
Analysts are also not underestimating the SEC’s approval of Options trading on BlackRock’s IBIT ETF.
Kelly Greer of Galaxy highlights that the derivatives market is typically 10x to 20x the size of the underlying market. However, BTC options are currently worth only 2% of Bitcoin’s market cap. Unsurprisingly, the IBIT options trading could see tremendous demand, considering BlackRock primarily offers services to traditional 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 is not surprising that the latest Bitcoin price predictions from experts have BTC pushing towards new all-time highs, especially towards the end of October.
#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 did mark the bottom of the range and “Uptober” led to a solid shift in momentum higher, but the real fun started at the end…
pic.twitter.com/bPfxB4rXB2
— K A L E O (@CryptoKaleo)
September 24, 2024
However, the bulls still need to flip some key resistances. For instance, the Bitcoin price is attempting to breach the
200-day Simple Moving Average
, which is currently hovering at $63,900. A weekly close above this level could trigger an upside move to $70,000.
BTC also needs to hold above some key support levels, including the 21-week EMA, also known as the bull market support.
High Demand For Meme Coins Signal Upcoming Bull Run
Meme coins like Dogwifhat have accurately indicated the broader market sentiment during this bull cycle.
Considering that smart money investors are viewing WIF as a beta bet on the market, its 31% growth over the past month indicates strong optimism.
Similarly, meme coins like Popcat and First Neiro On Ethereum are also in high demand, both heading towards a billion-dollar valuation.
Whales also appear to be stacking new meme coins. After Binance’s unexpected listing of First Neiro On Ethereum, they believe that more top-tier exchanges will list low-cap tokens.
For instance,
Crypto All-Stars (STARS)
has raised over $1.5 million in presale funding, thanks to its unified staking program, MemeVault.
https://x.com/all_stars_coin/status/1837881591974318225
MemeVault accepts 11 meme coins – including DOGE, SHIB and PEPE – and allows holders to earn attractive staking rewards. Unsurprisingly, Crypto All-Stars is receiving strong support from top meme coin communities.
Some analysts are even aiming for 100x returns with STARS.
Visit Crypto All-Stars Presale
