October Bitcoin to 70k?
September is generally gloomy, yet bitcoin surged 7%.
Oct is generally bullish, gaining 22%.
Macro factors boost Bitcoin increases.
Bitcoin tries 200 SMAs.
Bitcoin remains stable around 64k at the start of October, a typically bullish month.
Bitcoin had one of its finest Septembers ever, bucking past tendencies of negative returns. In September, Bitcoin reached a two-month high of 66.5k and climbed 7%, with just two previous gains since 2013. September is one of Bitcoin's worst months, falling 6.5% on average.
Although October has only seen two negative returns since 2013, historical statistics favors Bitcoin. Since 2013, Bitcoin has gained 22% each month, peaking at 60% in 2013.
Why would Bitcoin rise in October?
A positive trend in macro markets and US politics might bring Bitcoin above $70,000.
In September, the Fed reduced rates by 50 basis points to begin its cycle. In November, Fed head Jerome Powell tempered market expectations of another 50-point drop, although the Fed is anticipated to lower rates slowly. Powell predicted two 25-basis-point cuts before year's end.
A loser US monetary policy and a massive stimulus program launched in China this week, including interest rate cuts and lending encourage riskier assets like Bitcoin and equities. Last week, US stocks reached record highs, indicating a risk-on market. The high connection between the S&P500 and Bitcoin bodes well for cryptocurrency profits.
Kamala Harris, who has a razor-thin lead in the polls, supported the rising crypto economy in the US, making the political arena less dangerous.
Bitcoin technical analysis
Bitcoin's technicals are also improving. Since March, Bitcoin has been falling, but it has rebounded by rebounding over the 50, 100, and 200 SMAs. An asset climb over the 200 SMA generally indicates a longer-term uptrend.
Prices are challenging 200 SMA support today. Buyers defending this level might send the price over 66.5k and create a higher high around 70k.
BTCPredictedNewATH #BTCReboundsAfterFOMC $BTC
