Bitcoin trend in October
Bitcoin ($BTC) entered the end of September and broke through the $65,000 mark this week, ending several consecutive weeks of jumping around $60,000. Investors seem confident about Bitcoin in October.
Analysts generally believe that the probability of Bitcoin rebounding sharply again in October this year is quite high, and the correction in September may be the best opportunity to enter the market, allowing investors to accumulate funds before the "Uptober" and rebound when the price Profit from time to time.
How will Bitcoin perform in October? What will the price of Bitcoin be by the end of October (October 30)? Traders and analysts in the market are divided.
For this reason, we decided to turn directly to artificial intelligence (AI). The object of our inquiry this time is ChatGPT-4o. The questions are as follows:
"You are an expert in the field of Bitcoin and crypto assets. Bitcoin has recently exceeded $65,000. Please consider technical analysis, macro environment, project development, community support and other factors to evaluate Bitcoin ($BTC) at the end of October 2024. (October 30) price possibilities and provide explanations for your predictions."
How much will Bitcoin be worth at the end of October?
First, ChatGPT-4o pointed out that after Bitcoin breaks through $65,000 this week, this point may transform into strong support in the near term. If the price remains above this range, the next important resistance range is concentrated between $70,000 and $75,000. This area is a historically high level and may form a new pressure zone.
Currently, the Relative Strength Index (RSI) shows that Bitcoin is in an upward trend. The RSI fluctuates within the 50-70 range, indicating that the market is not overheated. If the RSI rises to the overbought zone (>70) in the future, it may occur in the short term. Technical pullback.
On the other hand, Bitcoin’s MACD indicator shows increasing momentum, and if this trend holds in the coming weeks, the price is expected to rise further.
From the perspective of the macro environment, the Federal Reserve (FED) cut interest rates by 2% for the first time in September. If the Fed maintains a dovish stance or continues to cut interest rates in the remaining three months, it will promote the rise of risk assets, especially Bitcoin. Assets with safe-haven properties.
In addition, the approval of the Bitcoin spot ETF at the beginning of this year has greatly increased the institutional demand for Bitcoin and the injection of funds from traditional financial markets. Coupled with the Bitcoin halving event in April this year, the positive effects brought by the two may be The fermentation in October pushed the price of Bitcoin to a record high.
Finally, ChatGPT-4o believes that current investors generally believe that Bitcoin can break through historical highs. For this reason, there may be a FOMO (fear of missing out) effect in the market. Retail investors and institutional investors are afraid of missing out on a new round of bull market opportunities, which will further promote Capital inflows accelerate the market’s upward trend.
Based on factors such as technical analysis, macroeconomic environment, project development and community support, ChatGPT-4o predicts that Bitcoin’s price range will fall between $70,000 and $75,000 by the end of October 2024. If the bullish conditions are met and many positive factors are fermented, There is even a chance of pushing the price towards the $80,000 mark.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
