Analysts at Bitget shared their insights on the current state of the Bitcoin market and its outlook for October.
According to the analysis, everything seems to be in place for a rally in October.
Favorable Macroeconomic Factors for Bitcoin in October 2024
Bitcoin’s outlook for October is promising, with a much better performance expected than September. Bitget Research’s chief analyst Ryan Lee predicts that BTC’s price could range between $58,000 and $72,000. He is basing this on several key factors.
The first factor is the decision by the Federal Reserve to cut interest rates by 50 basis points, lowering the federal funds rate to between 4.75% and 5%. This change in monetary policy encourages the injection of liquidity into markets, including cryptocurrencies, which positions Bitcoin to benefit after the adjustments in the previous two quarters.
Read more: Bitcoin Price Prediction 2024/2025/2030
Another positive indicator is the emergence of negative funding rates in the BTC Futures market in September, following massive sell-offs in the spot market. Historically, this phenomenon is followed by a sharp rise in prices, which could create an accumulation opportunity for investors.
Institutional optimism also reinforces the positive outlook. Companies like MicroStrategy continue to invest heavily in Bitcoin, while ETF funds are seeing steady net inflows.
Renewed confidence from large investors could push BTC beyond its previous highs, strengthening growth expectations for the coming month.
Breaking the $65,000 barrier
For Bitcoin to deliver on these bullish predictions, it will need to overcome a crucial technical resistance: $65,000. This has been a significant barrier in the past, and analysts believe that breaking it is necessary for Bitcoin to reach a new all-time high (ATH).
According to analyst Titan of Crypto, it is only a matter of time before this barrier is broken. BTC appears to be gearing up for a new bullish phase, supported by solid fundamentals and renewed institutional interest.
Moral of the story: For Bitcoin, $65k is like a Monday morning: hard to pass, but once it's passed, anything becomes possible!
The article Analysts are bullish on Bitcoin in October 2024 appeared first on BeInCrypto Brasil.
