In an analysis shared on X, crypto analyst Patric H. from CryptelligenceX outlined seven reasons why investors should be optimistic about Bitcoin’s price trajectory this week. “How can anyone be pessimistic here?! BTC broke its weekly downtrend, closed above key levels, and some are still predicting sub-$40,000?! Sorry, pessimists, you clearly missed the fundamental changes of the past two weeks,” he stated.
1. Mt. Gox Bitcoin Payment Deadline Extension
The defunct exchange Mt. Gox has applied for a change in its repayment deadline, which has been approved by the court. The new deadline for repaying remaining creditors is now set for October 31, 2025, a year later than the previously scheduled deadline of October 2024. The extension would remove immediate selling pressure on the market of about 44,905 BTC (about $2.9 billion), which was expected to flood the market.
2. China's economic stimulus
China is set to issue $325 billion in bonds to stimulate its economy. Meanwhile, cryptocurrency exchange OKX has launched a fully licensed trading platform in the United Arab Emirates (UAE), providing a legal avenue for Chinese investors to engage in cryptocurrency trading under UAE jurisdiction. Patric H. predicts, “Chinese money will flow into crypto in Q4.”
3. Bitcoin Exchange Reserves Are Falling
Bitcoin exchange reserves continue to decline as institutional investors and whales accumulate the cryptocurrency at an unprecedented rate. This trend suggests that a shortage of supply on exchanges, coupled with increased demand, could lead to a supply shock. “This will eventually cause a supply shock, leading to higher prices over time,” the analyst noted.
4. The Rise of Bitcoin Accumulation by Whales
On-chain data shows that new Bitcoin whales are accumulating more wealth than ever. Ki Young Ju, CEO and founder of CryptoQuant recently commented, “The current market volatility is just a game in the futures market. The whales actually move the market through spot and OTC trading. That’s why on-chain data is so important.”
He added that these new whales are unlikely to sell until significant liquidity from retail investors enters the market. “Look at how aggressively new whales are accumulating Bitcoin; this market has never seen such accumulation,” he noted. Notably, the lack of correlation with US spot ETF inflows suggests this could be strategic institutional accumulation.
5. Trump is leading in the polls
Political forecasts show former US President Donald Trump is gaining support in swing states ahead of the upcoming election. According to the latest data from Polymarket, Trump is predicted to win all seven key swing states. Patric H. reminds readers, “Trump backs cryptocurrency; Elon Musk will lead the Department of Government Efficiency (DOGE).”
6. The S&P 500 is a pioneer
The S&P 500 is trading at an all-time high, signaling positive momentum for Bitcoin and cryptocurrencies historically. “There has never been a time in history when Bitcoin and the altcoin market have not kept up with the performance of the S&P 500,” Patric H. pointed out, dismissing skepticism by saying, “But ‘this time is different’… yeah, for sure.” The correlation between traditional markets and cryptocurrencies suggests that the bullish trend in the stock market could spill over to the Bitcoin and crypto space.
7. Seasonal
Historically, the fourth quarter (Q4) is the strongest bullish period for Bitcoin, especially during halving years. “Bitcoin and the crypto market tend to outperform all asset classes in a halving year,” the analyst argued.
Supporting these fundamentals, technical analysis also paints a positive picture for Bitcoin. Patric H. highlighted that Bitcoin closed above its weekly downtrend line, signaling a potential reversal from bearish to bullish momentum.
Furthermore, the cryptocurrency is holding above its 50-week Exponential Moving Average (EMA), a key support level. Additionally, the Moving Average Convergence Divergence (MACD) indicator has produced a bullish crossover for the first time since April, which is often interpreted as a buy signal.
“Yes, there will be occasional pullbacks. But from now on, dips are for buying because the market structure has clearly shifted from bearish to bullish,” Patric concluded. At press time, BTC was trading at $68,397.
