The cryptocurrency market has been in the doldrums over the past few months due to a lack of bullish signals, but this is expected to start changing in October. Historically, the tenth month of the year is when investor interest in crypto assets revives, known as “Uptober.”
BeInCrypto’s analysis presents three of the biggest predictions for October that could lead to significant changes in investor behavior.
The field of artificial intelligence is ready to explode
Artificial intelligence (AI) has long been in the spotlight, and despite a relatively muted month, AI tokens have impressed investors. In a 30-day period, the total market capitalization of these assets has increased by 23%, from $27 billion to $33 billion at the time of writing.
Bitget chief analyst Ryan Lee expressed a similarly optimistic outlook when talking about the fate of artificial intelligence.
“Ecosystems such as SUI and AI (artificial intelligence) are showing an encouraging rebound. I am optimistic about October, especially with the US election coming up. We may see early policy signals that could affect market sentiment,” Lee told BeInCrypto.
Interestingly, the top five AI tokens are also among the top 30 crypto assets, with tokens like Bittensor (TAO) up 50% in the past four weeks. Therefore, the AI space is worth watching in the crypto market, as another 23% increase in market capitalization in October could put AI tokens at $41 billion.
Bitcoin price at $70,000
Despite the lack of bullish signs in the cryptocurrency market, the price of Bitcoin has risen by 7.8% throughout September. This gain has brought BTC to a trading price of $63,658 as of this writing.
Bitcoin is currently facing two major resistance levels: $65,000 and $70,000.
The former could be breached in the coming days, which would also trigger BTC to hit the latter resistance level. $70,000 is just over 10% away from where BTC is trading, making it an achievable target.
Moreover, as the “sell in May and leave” strategy is coming to an end, a large inflow of funds from both retail and institutional investors is expected in October. Matt Mena, a cryptocurrency research strategist at 21.co, shares a similar view to BeInCrypto.
"As the summer lull and macro headwinds pass, institutional and retail investors are likely to reinvest in these assets, providing a strong catalyst for Bitcoin to potentially retest the $70,000 level. As election uncertainty begins to dissipate and the results become clearer, markets should react positively — regardless of the winner. Markets thrive on certainty, and as uncertainty decreases, we can expect prices to begin to rise," Mena told BeInCrypto.
Furthermore, Bitcoin’s all-time high of $73,787 is just a stone’s throw away from $70,000. Therefore, if the inflows succeed in pushing BTC above the $70,000 mark and turning it into support, investors’ profits could soar.
SUI poised to hit new all-time highs
SUI has had an outstanding September, gaining over 113% since the beginning of the month. Currently trading at $1.70, the altcoin is looking to take its all-time high of $2.18 as a support floor, as it is 28% higher than the current price.
Historically, the SUI has struggled around current prices. This is because it tends to act as a stronger resistance level than support.
However, given the bullish run that the altcoin has been in this month, $1.70 could act as support. Matt Mena, a cryptocurrency research strategist at 21.co, also highlighted SUI’s future growth.
“On the alternative Layer 1 side, I predict SUI will continue to attract users and developers… We are already witnessing momentum, with SUI’s TVL surpassing $1 billion yesterday… even at lower token prices. This growth highlights the resilience and expanding appeal of these platforms as they capture market share in a competitive blockchain space,” Mena told BeInCrypto.
However, selling could also pose a threat to this growth, with profit-taking potentially hampering SUI’s upside. Investors locking in gains could cause SUI’s price to lose support at $1.70, dropping to $1.45. Losing the latter support level could invalidate the bullish outlook and prevent the altcoin from setting new all-time highs. jmay1130
