Bitcoin ended September with a 7.35% increase, making it the most profitable September on record. Spot On Chain, a leading blockchain analytics platform, accurately predicted this rise using its AI model.
The platform forecasts an even more optimistic outlook for October, with a 69% chance of Bitcoin reaching a new ATH and a 54% chance of hitting $100k by the end of the year.
Per CoinGecko data publication, Bitcoin trades at $63,715.78. This indicates a slight 1.15% dip in the last day and a 0.90% rise over the past week.
Bitcoin closed September with a 7.35% increase, making it the best September on record, just as we predicted.While many expected a decline, Spot On Chain's AI models accurately forecasted a green September month, considering various factors.Our model continues to predict… https://t.co/jjRawtvYxB
— Spot On Chain (@spotonchain) October 1, 2024
AI Models Predict a Strong Q4 for Bitcoin
Spot On Chain’s AI model has consistently provided reliable predictions, including the recent surge in September. To project future movements, the model combines several market elements including historical data and present patterns. Especially for October, the AI forecasts a substantial upswing for the last quarter of 2024.
The platform’s analysis indicates that during the month Bitcoin has a 69% probability of reaching a new high. Trading around $63,715.78, Bitcoin would have to rise around 56.9% to meet the much expected $100,000 mark.
Why Bitcoin Could Surge to $100k
X user Gordon Atreides added further insights on Bitcoin’s potential. He highlighted key factors that could maybe drive a surge to $100k. He noted that Bitcoin bounced off its 200-day simple moving average, a key support level.
$BTC flirting with the 200 day SMA. ➜ September printed a green month regardless of the dip yesterday➜ October starts bouncing off the 200 day support ➜ FED announced yesterday another 50bps cut by end of year➜ Q4 is historically the most bullish quarterLETS GET IT pic.twitter.com/x30jbqVd6f
— Gordon aTreides (@GordonAtreides) October 1, 2024
Atreides also highlighted the Federal Reserve’s declaration of yet another possible 50 basis point rate reduction by the end of the year, therefore influencing market sentiment.
Historically, the fourth quarter has been the most positive time for Bitcoin, hence the present situation is much more beneficial. With these positive indicators, combined with Spot On Chain’s AI model, Bitcoin’s price action in the coming weeks is worth a watch.
September’s Performance Sets the Stage for October
Bitcoin completed the month with a 7.35% growth, ranking as the best-performing September in the asset’s history even if it dropped slightly at the end. Following several weeks of market volatility, this increase corresponds with traders initially expecting a decline.
However, Spot On Chain’s prediction of a green September month came true, driven by positive market sentiment and institutional interest.
October is now seen as a potential breakout month, with Bitcoin’s price testing key support levels. Analysts remain cautiously optimistic, with Spot On Chain’s data-driven approach suggesting further gains in Q4.
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Bitcoin Faces Key Support and Resistance Levels
With BTC flirting with its 200-day SMA, this level couldl serve as a critical indicator for the asset’s short-term performance.
If Bitcoin can hold above this support, it may have the momentum needed to push toward $100,000. Spot On Chain’s AI model, combined with historical data, aligns with this perspective.
With the final quarter of the year historically favoring Bitcoin, the chances of hitting new all-time highs look promising, but caution remains as external factors, such as interest rates, may impact the market.
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