The wave of investment in ETFs has broken records, demonstrating strong demand
Price exploration beyond ATH could bring Bitcoin closer to 95,000 USD on the chart
On October 15, Bitcoin [BTC] broke out of a downward channel that lasted nearly seven months. Since then, BTC has risen 7.7%, almost testing the all-time high at 73.7K on October 29.
Source: Farside Investors
In fact, exchange-traded funds (ETFs) have also recorded a record amount of investment, signaling confidence in this asset. As BTC approaches its all-time high, liquidations could cause volatility.
So the question arises – is BTC ready for a new price discovery phase, or should traders wait a bit longer to witness new highs?
Bitcoin predictions for October remain strong in a bullish direction
Source: BTC/USDT on TradingView
Based on the price increase from January to March, a series of Fibonacci levels have been calculated. They indicate that beyond 73.7K, the next levels will be 82,000 USD and 95,500 USD.
However, these may not be the final targets.
Source: Coinglass
In the years around BTC halving events, Q4 tends to show an upward trend. This means that historically, Bitcoin could complete a significant part of this cycle in the next two months.
Thus, a breakout above 74,000 USD should not be overlooked. Instead, this would be a sign of strength and a move towards 95,000 USD could begin in October.
Clues from liquidity pockets
Source: Coinglass
BTC swept through a cluster of liquidation levels at 72.6K but did not drop further. Much liquidity seems to be present above, extending to 80,000 USD. This makes the Bitcoin prediction for October also optimistic.
Therefore, it can be expected that the price will head towards 80,000 USD, driven by liquidity moving north.
Source: CryptoQuant
Finally, the Puell Multiple is the ratio of daily Bitcoin mining revenue in USD (also known as daily issuance) compared to the average mining revenue over 365 days.
At the time of writing, the 30-day moving average of this index is at 0.814, with the previous cycle peak at 2.98.
Accumulation over the past six months has created an opportunity for the index and price action to recover on longer time frames. Increased demand, especially as the asset breaks previous ATH and attracts more attention, could accelerate the bullish process.
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