Will BTC rise in October? I think it will, and there is a high probability that it will rise sharply!
Seasonal factors: According to the monthly return rate of BTC from 2013 to 2023, BTC rose in October in 9 out of 11 years, 8 of which were large increases, and only 2 years were down. Seasonal trends often give traders strong psychological hints, helping BTC continue to rise in October.
FTX compensation fund repatriation: FTX plans to distribute more than $16 billion to creditors, and is expected to start distributing compensation in mid-October. After receiving stablecoin compensation, creditors are likely to reinvest funds into the cryptocurrency market, further boosting BTC demand.
Incremental funds brought by the global interest rate cut: The Federal Reserve is expected to cut interest rates for the first time on September 18, China has launched a trillion-level economic stimulus policy, and other central banks such as the European Union, the United Kingdom, Canada, Australia, South Korea, and India will also follow suit in the fourth quarter. A large amount of liquidity is injected into the market, and scarce assets such as BTC will appreciate rapidly.
The main uptrend in the sixth month after halving: Based on the experience of previous bull markets, BTC usually enters the main uptrend phase within 5-6 months after each halving. The reduction in supply after halving plus market demand often drives BTC up sharply.
Sufficient shock and clean-up, and the accumulation of funds is completed: From March to September this year, BTC continued to wash in the range of 50,000-70,000 for 6 months. After this period of shock, the floating funds in the market have been cleared. On-chain data shows that the accumulation of funds by whales is nearing the end, and the market is ready for a new round of rise.
The combination of these five factors indicates that BTC is very likely to usher in a strong upward trend in October.
In summary, BTC is likely to rise sharply in October this year! The first half of October may be a bit slow, but the second half of October will be outstanding.
Over the past 11 years, the average increase in October was 22%. By the end of October this year, BTC’s target is 80,000! Hold on tight and get ready to take off!
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