Uptober Outlook: Why Bitcoin Could Reach $98,000 Following Bullish September
October 01 2024 - 10:40AM
NEWSBTC
Bitcoin (BTC), the largest cryptocurrency by market capitalization,
recently celebrated a remarkable September, achieving a two-month
high of $66,560 last Friday. Although it fell short of its
all-time peak of $73,700 in March, the strong performance in
September has raised expectations for significant gains as the year
draws close. Historical trends suggest that when Bitcoin ends
September positively, the following three months often yield even
larger returns. Best September Ever Could Lead To Major Year-End
Rally Crypto expert Ali Martinez highlighted this historical
pattern in a social media post, emphasizing the correlation between
a bullish September and subsequent price increases. As seen
in the image below shared by the analyst, Bitcoin has experienced
four particularly strong September since 2015, with average gains
of over 20% in October, around 10% in November, and over 20% in
December. Related Reading: Crypto Researcher Reveals Why XRP
Price Reaching $1,000 Is Not A Pipe Dream In contrast, Bitcoin’s
past Septembers that ended in the green showed more modest gains,
with the last bullish month yielding an average increase of about
8%. This time, however, Bitcoin’s best September in history may
pave the way for even higher gains than those recorded in previous
years. Currently trading at $62,000, Bitcoin’s potential trajectory
appears promising. If the cryptocurrency adheres to historical
averages following bullish Septembers—projected gains of 20% in
October, 10% in November, and another 20% in December—BTC could
realistically approach a price of nearly $98,000 by year-end.
Moreover, it’s important to note that the cryptocurrency tends to
go on a “parabolic bull run” in October of each Halving year, as
Martinez also pointed out, adding to the bullish outlook for what
could be one of the best fourth quarters in Bitcoin’s history.
Options Market Suggests Potential Bitcoin Dip Ahead While Martinez
is optimistic about BTC’s potential for significant gains in
October, one expert is cautious about the current market dynamics.
Analyst InspoCrypto recently noted that the options market presents
a more cautious picture. Data indicates that many positions
are leaning towards a bearish outlook, with some block trades
suggesting a potential dip in Bitcoin’s price, specifically
targeting ranges between $60,000 and $55,000. The current
“max pain” point—where the most options would expire worthless—is
$62,000. Given that the price is hovering near this level, there is
concern that this could contribute to continuing the bearish trend.
Related Reading: WIF Bulls In Control As RSI Signals Strong Upside
Potential Additionally, the analyst pointed out that long positions
around the $60,000 mark are vulnerable to liquidation. However,
despite these cautious signals for October, the outlook beyond this
month appears much more optimistic. InspoCrypto emphasized that
data from the options market shows a strong bullish sentiment for
the months following October. Many traders are anticipating Bitcoin
prices to exceed $80,000, with some even forecasting a rise to
$100,000. Suppose a dip does occur in mid-October, as some data
suggests. In that case, the analyst believes it may represent the
last opportunity for investors to enter before Bitcoin embarks on a
significant upward trajectory. Featured image from DALL-E, chart
from TradingView.com
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