With Bitcoin making a habit out of performing well in October, market sentiment has BTC eyeing yet another all-time high this year. Indeed, there is tremendous potential for the leading crypto to surge in the short term. Moreover, it could be set to enjoy the fruits of a perfect storm in the upcoming month.
The asset has certainly struggled in recent months. However, things looked to have turned around for the better in September. That could be setting the stage for a monumental rally when the calendar turns, as the crypto market and macroeconomic factors could propel BTC to uncharted territory.
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Bitcoin May be Poised to Break Through $73,000 in October
Despite its August and early September lulls, Bitcoin has dominated 2024. The asset emerged as the first crypto-based ETF in the United States. With that product getting approval in January, the leading cryptocurrency surged to an all-time high of $73,000 just three months later.
Despite falling significantly in the following months, it has sported quite a comeback. Indeed, Bitcoin is up 2% in the last 30 days, according to CoinMarketCap. Moreover, it has increased more than 5% in the last 24 hours, trading above the $60,000 mark.
Additionally, this could be preparing the asset to challenge its record price. Bitcoin is looking to dominate October yet again, surging to a new all-time high in the coming months. This would be due to an overall market sentiment and the token’s history of doing well in the month specifically.
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MN Consultancy Chief Information Officer Michael Van De Poppe recently addressed this forecast. In a post to X (formerly Twitter), he noted that the asset is on its way to a historic month. Especially as Gold followed a similar path over the course of September.
“Bitcoin didn’t take the liquidity but is following the plan,” Van De Poppe said. “Gold is making new ATHs, and Bitcoin is expecting to follow that path,” he added. Then he called for a “New ATH in October.”
Co-founder of WeRate and crypto analyst Quinten Francois has a similar prediction. In a subsequent post, he predicted that BTC would surpass $162,000 by the end of 2024. Specifically, he noted that the asset had surged notably in 2020. Increased 27% in October, 42% in November, and 46% in December. Therefore, signaling the next three months could be massive for the asset.