The outlook for Bitcoin in October 2024 is notably bullish, supported by a series of positive events. First, Bitcoin's price has seen a significant rise, approaching $70,000. This rally is driven by a bullish crossover in the MACD indicator on the weekly chart, signaling a trend shift toward a new growth phase, similar to the boom seen at the end of 2023.

Additionally, options traders are betting heavily that Bitcoin will continue its upward trajectory. According to Kaiko data, options positions are targeting prices above $70,000, with trading volumes focused on expirations at the end of October. Historically, October has been a favorable month for Bitcoin, with only two negative closes since 2013, which further boosts investor optimism.

Analysts have also pointed out that the macroeconomic environment, particularly the recent interest rate cuts by the U.S. Federal Reserve, has increased the appetite for risk assets like Bitcoin, potentially driving further price increases by the end of the year.