Bitrabo Editorial
Historically, October has been a promising month for Bitcoin, igniting bullish forecasts about its short-term potential from crypto analysts. Recent market stability might pave the way for a potential rally, with some specialists predicting that the leading cryptocurrency may reach a new all-time high this month.
October Might Bring Record-Breaking Bitcoin Prices
There is an increasing sense of optimism for Bitcoin, as highlighted by a recent positive forecast from renowned market analyst Michael Van De Poppe, who serves as the Chief Information Officer (CIO) of MN Consultancy. He has suggested that Bitcoin could be primed for a major surge towards a record high this October, reflecting his strong belief in the cryptocurrency’s imminent performance.
Van De Poppe’s optimism is based on Bitcoin’s strong historical price trends during October over the last decade. With growing institutional interest and increasing adoption of this digital asset, a rally in Bitcoin this month seems likely, especially if this October aligns with previous trends.
It’s important to note that the analyst had earlier anticipated Bitcoin would target liquidity around the $61,000 mark. However, despite the asset’s current performance not reaching this prediction, Van De Poppe remains confident that it is still following a defined trajectory.
Consequently, he projects Bitcoin may revisit the $57,000 price point, where it would find support and likely begin to rise again. Furthermore, with Gold achieving new highs, it is expected that Bitcoin may follow suit, potentially setting up to reach a new all-time high by next month.
Van De Poppe isn’t alone in his predictions; other analysts are also forecasting a new all-time high for Bitcoin this year. Quinten Francois, a well-known analyst and co-founder of WeRate, has also made an optimistic prediction for BTC.
BTC May Reach $162,000 By Year-End
Francois’ analysis draws parallels from prior market cycles, notably the 2020 trends compared to the current market, indicating a potential pattern that could drive the cryptocurrency to new heights.
He notes that during the 2020 cycle, which ran from December 15, 2018, to September 1, 2020—covering 625 days—Bitcoin soared by over 269%. Looking at the current cycle, from December 30, 2022, to September 15, 2024, the cryptocurrency has seen a rise of approximately 260% within the same duration.
In the 2020 cycle, Bitcoin experienced significant monthly increases in October, November, and December of 27.7%, 42.95%, and 46.92%, respectively. If Bitcoin replicates these gains in the coming months, Francois believes it could hit $162,539 by December.