Bitcoin (BTC) May Rally in October Despite Bearish Start to the Month: 3 Signs Point to Potential Upswing

Bitcoin (BTC), the largest cryptocurrency by market cap, may rally in October despite a bearish start to the month. Three signs point to a potential upswing.

Bitcoin (CRYPTO: BTC) may rally in October despite a bearish start to the month. Three signs point to a potential upswing.

What Happened: Bitcoin was trading at $62,311.60 at the time of writing, showing a 0.6% loss over the past 24 hours and a gain of 1% over the past seven days.

October has been a bullish month for Bitcoin in the past. According to data from Coinglass, Bitcoin gained 28.52% in October 2021 and 39.93% in October 2022.

Bitcoin is down 1.65% in October 2024, as per data from Coingecko. However, the cryptocurrency was up 123% in the past year.

If Bitcoin follows this general “Uptober” trend, there is a higher chance of a bullish turn and a push towards the $69,000 resistance level.

This is not a guarantee, as BTC fell 3.83% and 12.95% in October 2018 and 2014, respectively.

Another reason for a possible surge could be the Federal Reserve’s anticipated rate cuts to 50 bps. Lower interest rates often lead investors to seek higher-risk assets, including equities and Bitcoin.

See More: Best Cryptocurrency Scanners

Finally, institutional interest in Bitcoin continues to grow with the approval of spot Bitcoin exchange-traded funds (ETFs) and companies like Microstrategy (NASDAQ:MSTR) and Metaplanet (NYSE:MP) actively accumulating BTC.

Bitcoin Price Analysis Shows Consolidation

A technical analysis of Bitcoin price using the chart provided by TradingView below confirms that Bitcoin has been trading within the $54,000 and $64,000 price levels for the past few weeks and a breakout is yet to be confirmed.

Relative Strength Index (RSI): The RSI currently sits at 52.33, indicating that bulls are generally in control and suggesting a higher probability of further price increases. The RSI trend also points to higher prices in the short term.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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