Bitcoin has bounced back this week, leaving the market wondering how far it can rise in October. The leading cryptocurrency has historically performed well this month. Moreover, the token’s recent rise above $63,000 has traders thinking about a possible rally to $70,000 during what the market is calling the “Uptober” period.
Its summer performance has many investors worried: the asset struggled along with the broader cryptocurrency market throughout August and September. Earlier this month, the asset hit a low of $53,000, and its recent recovery has raised the possibility of a potential correction in the market.
Bitcoin to $70,000? BTC could be on the brink of a massive “buoyancy period”
Throughout 2024, Bitcoin has faced unprecedented highs and notable lows. At the beginning of the year, the digital asset became the first cryptocurrency-based ETF. Just three months later, the token reached an all-time high of $73,000. However, it has struggled to return to those levels.
The token has risen 3% over the past 30 days, according to CoinMarketCap. However, an 8% increase over the past seven days laid the foundation for the recent surge to $63,000. As traders grow more optimistic, attention is now focused on how the asset will perform over the next month.
Bitcoin’s traditionally strong performance in October has raised hopes that the token could return to the $70,000 level. Speaking to X (formerly Twitter), crypto analyst Ali Martinez spoke about the asset’s potential for the coming months, specifically the possibility of a return of “Uptober.”
In his post, Martinez noted that Bitcoin is “attempting to break out of a key trendline,” but that a close above $61,500 would signal a breakout and a “resumption of the bull market” for the leading cryptocurrency.
With the Federal Reserve lowering interest rates for the first time in four years, October could be a big month for Bitcoin. Fellow crypto analyst Justin Williams also pointed out that BTC’s monthly average in October increased that possibility.
Bitcoin’s fate depends on the continued positive sentiment towards this asset. Bitcoin may continue to grow if attention remains focused on the 2024 US presidential election. As we move into November, a possible victory for Donald Trump could see a significant increase in the value of Bitcoin.
