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The cryptocurrency market has been sluggish in the past few months due to a lack of bullish signals, but this situation is expected to begin to change in October. Historical data shows that October is usually the time when investors refocus on crypto assets, known as "Uptober."
BeInCrypto’s analysis points out that there are three major predictions for October that could significantly affect investor behavior.
The field of artificial intelligence is ready to explode
Artificial intelligence (AI) has been in the spotlight for a while now, and despite a lackluster month, AI tokens have continued to impress investors. The total market capitalization of these assets has increased by 23% over the past 30 days, from $27 billion to $33 billion at the time of writing.
Market capitalization of AI tokens
Bitget chief analyst Ryan Lee also expressed optimism when discussing the prospects of artificial intelligence.
“Ecosystems like Sui and AI are showing positive rebounds. I am optimistic about October, especially with the U.S. election coming up. We may see some early policy signals impacting market sentiment,” Lee told BeInCrypto.
It is worth noting that the top five AI tokens are also among the top 30 crypto assets, with tokens such as Bittensor (TAO) up 50% in the past four weeks. Therefore, the AI sector is worth watching in the crypto market, and another 23% increase in market capitalization in October could bring the total value of AI tokens to $41 billion.
Bitcoin price at $70,000
Despite the lack of clear bullish signals in the cryptocurrency market as a whole, Bitcoin has still risen 7.8% throughout September. As of now, the price of BTC has reached $63,658.
Bitcoin currently faces two key resistance levels: $65,000 and $70,000. In the coming days, Bitcoin is expected to break through the $65,000 resistance level, which will push it towards $70,000. Given that this is only a ~10% increase from the current trading price, reaching this goal is entirely possible.
Bitcoin Price Analysis
As the “sell in May and leave” strategy draws to a close, October is expected to see a large inflow of funds from both retail and institutional investors. Matt Mena, a cryptocurrency research strategist at 21.co, shared a similar view with BeInCrypto.
“With the summer doldrums and macro headwinds behind us, institutional and retail investors are likely to re-enter the market, which would provide a strong catalyst for Bitcoin to retest $70,000,” Mena said. “As election uncertainty dissipates, the market reaction is likely to be positive — regardless of who wins. Markets thrive on certainty, and as uncertainty decreases, we can expect prices to start to rise.”
Additionally, Bitcoin’s all-time high price of $73,787 is just one step away from $70,000. If the inflow manages to push BTC above $70,000 and turns into support, investors’ profits could increase significantly.
Sui poised to hit record high
Sui has had an impressive September, gaining more than 113% since the beginning of the month. Currently, the altcoin is struggling to hold this level as a support floor.
Sui Price Analysis
Historically, Sui has struggled around current prices, often acting more like resistance than support.
However, given the bullish run of altcoins this month, $1.70 could serve as support. Matt Mena, crypto research strategist at 21.co, highlighted Sui’s future growth potential. He said: “In the alternative Layer 1 space, I predict Sui will continue to attract users and developers. We are already seeing momentum, with SUI’s TVL surpassing $1 billion yesterday, even at lower token prices. This growth highlights their resilience and appeal in the competitive blockchain market.”
However, selling could threaten this growth, with profit-taking likely to hamper SUI’s gains. Investors locking in gains could cause SUI to lose support at $1.70, sending it down to $1.45. Losing the latter support level could invalidate the bullish outlook and prevent the altcoin from setting new all-time highs.
