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For the first time in almost two months, bitcoin (btc) has surpassed the $65,000 mark, marking a significant recovery after two notable drops in August and September. During these drops, bitcoin experienced a sharp 20% drop on two separate occasions, specifically on August 5 and September 6.
However, as October approaches (a month often associated with a bullish bitcoin resurgence), market predictions are increasingly optimistic. suggestion that the cryptocurrency could be preparing for another major uptrend.
Could bitcoin hit $79,000 in October?
On Thursday, bitcoin recorded a 3% increase in a 24-hour period, reaching a price of $65,500. This bullish movement has sparked discussions among analysts about whether this signals the beginning of a parabolic bull run.
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Scott Melker, crypto investor x.com/scottmelker/status/1839331007280861193″ target=”_blank” rel=”nofollow”>voiced this sentiment, emphasizing that bitcoin is currently attempting to establish its first high since peaking at $74,000 in March of this year.
Melker noted that closing above $65,000 would confirm a new bullish trend, moving away from the lows of $50,000 seen in August. This pattern (a low, a high, a higher low, and a higher high) suggests a bull market structure replacing previous downtrends.
October has historically been a strong month for bitcoin, with analysts like Lark Davis. x.com/TheCryptoLark/status/1839315286320673118″ target=”_blank” rel=”nofollow”>pointing that the average profitability during this month is approximately 22.90%.
If bitcoin were to experience a similar surge this year, it could potentially rise to around $79,000, surpassing its previous all-time high and surpassing key resistance levels. According to Davis' analysis, such a move would set the stage for a powerful rally through November.
Record performance in September
In a more detailed analysis, Rekt Capital provided insights into bitcoin's recent performance. He noted that September, often viewed negatively, turned out to be x.com/rektcapital/status/1839331584933265681″ target=”_blank” rel=”nofollow”>the best september for bitcoin recorded, up 9%.
Rekt also highlighted historical patterns related to bitcoin halving cycles, indicating that bitcoin typically exits its reaccumulation range approximately 154 to 163 days after the halving.
Currently, bitcoin is 159 days past its last Halving which took place in April of this year. Based on previous cycles, Rekt x.com/rektcapital/status/1839295256355037550″ target=”_blank” rel=”nofollow”>believe This timing suggests that a breakout could be imminent, reinforcing the idea that bitcoin is well-positioned for significant gains in the near future.
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The current resurgence can be attributed to the dovish stance of the US Federal Reserve (Fed) and the recent 0.50% basis point (bp) hike. interest rate cut on September 18, which was seen as a notable bullish catalyst not only for btc but also for the broader market, which has followed bitcoin's performance higher in recent days.
Furthermore, last week there was a x.com/WuBlockchain/status/1839155069020942850″ target=”_blank” rel=”nofollow”>resumption of entries in the bitcoin ETF market, following steady outflows throughout August and early September. For example, US bitcoin Spot ETFs had a total net inflow of $106 million on Wednesday, continuing its net inflows for 5 consecutive days. BlackRock's IBIT ETF had an inflow of $184 million.
Overall, there appears to be a combination of bullish catalysts for the market's largest cryptocurrency to continue its recovery, with massive gains expected in the latter half of the year and early 2025.
Featured image of DALL-E, chart from TradingView.com
