Bitcoin is defying all odds and is set to post its best September close yet. The world’s leading cryptocurrency has surpassed $66,000, breaking its historically bearish trend. Could BTC’s price hit a new all-time high in October?
CryptoQuant’s Julio Moreno highlighted that growing demand in the United States has been key to this recovery. According to his analysis, this increase in “Coinbase Premium” is a sign of significant buying pressure in the US market, which could further drive Bitcoin’s price higher in the coming weeks.
Factors that drove the price of Bitcoin:
Bitcoin's performance in September is typically weak, with an average drop of 3.60% since 2013, according to data from Coinglass. However, this year, the scenario has been different after an accumulated increase of more than 9%.
The recent global economic slowdown, accompanied by interest rate cuts, has helped revive the cryptocurrency market.
Read more: Bitcoin Price Prediction 2024/2025/2030
Despite breaking above $66,000 on Friday and retreating to $64,291 at press time, analysts suggest Bitcoin could be gathering momentum for a recovery in October.
Bitcoin is set to have its best September ever. Source: Coinglass
On the other hand, a recent analysis by CryptoQuant highlights that currently more than 80% of Bitcoin's supply comes from profits.
“Last summer, it pushed below 80% multiple times, but so far, those pushes have been buying opportunities,” CryptoQuant’s @coinonni noted.
Bitcoin Supply in Profits Bitcoin Supply in Profits. Source: X/CryptoQuant.com
Thus, several analysts have shared their BTC price projections for the month of October. Among them, analyst Aqua does not rule out a drop in BTC in relation to its local ceiling, highlighting a “possibility of buying”.
“It looks like a local top is forming here and it also looks like the stock wants to pull back soon, so $BTC should follow. In the short term I expect a dip, a drop towards the higher low and… Now the dips are for buying. Overall, both on the HTF and Monthly side things look very good,” Aqua said.
Bitcoin October Price Analysis. Source: X/@PayneResidence
BeInCrypto’s global news director Ali Martínez suggests that the leading cryptocurrency’s price may be forming a cup and handle pattern. At the same time, he does not rule out a six-figure price level in the long term.
“Current price action is just noise! If#Bitcoinis indeed forming a cup and handle pattern, the long-term upside target could range between $194,000 and $352,000,” Martínez noted.
Bitcoin price analysis. Source: X/@ali_charts
The article Bitcoin poised to have best end to September in history appeared first on BeInCrypto Brasil.
