Bitcoin has returned to form this week, as the market is anxiously awaiting where it could climb to in October. The leading cryptocurrency has historically performed well during the month. Moreover, the token’s recent return above $63,000 has traders pondering a potential return to $70,000 in what the market calls ‘Uptober.’
The summer performance has concerned many investors. Throughout August and September, the asset had struggled along with the greater crypto market. Earlier this month, the asset reached lows of $53,000, with its recent turnaround exciting the market for a potential correction.
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Bitcoin to $70,000? BTC Could be Poised for Massive ‘Uptober’
Throughout 2024, Bitcoin has faced unprecedented highs and notable lows. To start the year, the digital asset became the first crypto-based ETF. Just three months later, the token reached an all-time high price of $73,000. Yet, it has struggled to return to that level.
Over the last 30 days, the token has increased 3%, according to CoinMarketCap. Yet, its 8% increase in the last seven days has set the stage for its recent surge of $63,000. Now, all eyes are on how the asset could perform in the coming month, with traders increasingly optimistic.
With Bitcoin typically performing well in October, there is excitement that the token could return to the $70,000 level. Crypto analyst Ali Martinez took to X (formerly Twitter) to discuss the asset’s potential heading into the next months. Specifically, in the prospect of ‘Uptober’ returning once again.
Also Read: Bitcoin: When Will BTC Peak? Analyst Predicts Exact Timeline
In the post, Martinez noted that Bitcoin is attempting to “break through an important trend line.” However, he noted that a close above $61,500 would signal an impending breakthrough and “resumption of the bull market,” for the leading crypto.”
With the Federal Reserve cutting interest rates for the first time in four years, there is immense potential for Bitcoin in October. Fellow crypto analyst Justin Williams also noted that the monthly averages for BTC reinforced its potential in October.
The fate of Bitcoin is relying on continued positive sentiment for the asset. If it continues to be a focus of the 2024 US presidential race, it could continue to grow. As it enters November, the potential of Donald Trump’s victory could greatly increase the value of Bitcoin.