Bitcoin has been back in form this week, as the market eagerly awaits its possible October price surge. The leading cryptocurrency has historically performed well during the month. Moreover, the token’s recent gains above $63,000 have traders considering the possibility of a rally to $70,000 in what the market is calling an ‘Uptober’.
The summer performance has left many investors concerned. The asset struggled alongside the broader crypto market throughout August and September. Earlier this month, the asset hit a low of $53,000, with the recent reversal fueling speculation about a possible correction.
Can Bitcoin Go to $70,000?
Throughout 2024, Bitcoin has experienced unprecedented highs and notable lows. To start the year, the digital asset became the first cryptocurrency-based ETF. Just three months later, the token hit an all-time high of $73,000. However, it has struggled to return to that level.
The token is up 3% over the past 30 days, according to CoinMarketCap. However, an 8% gain over the past seven days set the stage for its recent surge to $63,000. Now all eyes are on how the asset might perform over the next month, with traders growing increasingly bullish.
With Bitcoin generally performing well in October, there is excitement that the token could return to $70,000. Crypto analyst Ali Martinez discussed the asset’s potential in the coming months on X (formerly Twitter). Specifically, the prospect of ‘Uptober’ making a comeback.
In the post, Martinez noted that Bitcoin is attempting to “break a key trendline.” However, he noted that a close above $61,500 would signal an imminent breakout and “a continuation of the bull market” for the leading cryptocurrency.
With the Federal Reserve cutting interest rates for the first time in four years, Bitcoin has huge potential in October. Crypto analyst Justin Williams also noted that BTC's monthly average has reinforced its potential in October.
Bitcoin's fate depends on continued positive sentiment toward the asset. If it continues to be a focus of the 2024 US presidential race, it could continue to grow. As we head into November, the possibility of a Donald Trump victory could significantly increase the value of Bitcoin.
