Is Bitcoin Set to Soar to $80,000 This October? Here’s What You Need to Know
Bitcoin has surged to $65,000 for the first time since early August, driven by several positive developments that suggest the cryptocurrency could climb to $80,000 this October—a period often referred to as "Uptober" due to Bitcoin's history of price gains during this month.
Key factors supporting this bullish outlook include recent macroeconomic changes. Following a 50 basis point interest rate cut by the U.S. Federal Reserve, investors are reallocating funds into riskier assets like Bitcoin.
Additionally, China’s recent rate cuts and economic stimulus measures are viewed as favorable for Bitcoin, further driving its price potential toward $100,000.
Historical trends also support this optimistic forecast.
READ MORE: BlackRock Executive Claims Bitcoin Should Be Seen as a Safe Haven
Over the past eight years, October has consistently been one of Bitcoin’s strongest months, with double-digit gains most years. Analysts, including Jelle, believe that breaking the $65,000 resistance marks the start of an upward trend targeting $80,000.
However, market volatility is expected as significant Bitcoin options worth $5.8 billion are set to expire. The upcoming U.S. Core PCE inflation data release could also influence price movements.
Currently, maintaining the $65,000 level is crucial for sustaining this rally, as over half of Binance users are shorting Bitcoin, though it remains on track for its most profitable September to date, gaining over 10% this month.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
