This article is also available in Spanish.
For the first time in nearly two months, Bitcoin (BTC) has surpassed the $65,000 mark, marking a significant recovery following two significant declines in August and September. During this crash, Bitcoin dropped as much as 20% in two separate periods, mainly on August 5 and September 6.
However, as October approaches—a month often associated with Bitcoin’s renaissance—market forecasts are becoming increasingly optimistic, he raised that the cryptocurrency may be preparing for another big rise.
Can Bitcoin Reach $79,000 in October?
On Thursday, Bitcoin recorded an increase of 3% within a period of 24 hours, reaching a value of $65,500. This rising movement has sparked discussions among analysts about whether this indicates the beginning of a parabolic bull run.
Related Reading
Crypto investor Scott Melker revealed this sentiment, emphasizing that Bitcoin is currently trying to establish its first high since reaching $74,000 in March of this year.
Melker noted that a close above $65,000 would confirm a new uptrend, from the $50,000 low seen in August. This pattern—low, high, high low, and very high—suggests a bullish market structure instead of previous bearish trends.
Historically, October has been a strong month for Bitcoin, with analysts like Lark Davis pointing that the average return during this month is estimated at 22.90%.
If Bitcoin can experience a similar surge this year, it could rise to around $79,000, surpassing its previous high and overcoming key resistance levels. Such a move could set the stage for a strong rally in November, according to Davis’ analysis.
Record-Breaking Performance in September
In further analysis, Rekt Capital provided insights into Bitcoin’s recent performance. He noted that September, which is often viewed negatively, was the case a wonderful September of Bitcoin on record, with a 9% increase.
Rekt also highlighted historical patterns related to Bitcoin’s Halving cycles, showing that Bitcoin tends to break out of its recovery range around 154 to 163 days after a Halving.
Currently, Bitcoin is 159 days past its last Halving which happened in April of this year. Based on previous cycles, Rekt you believe that this period suggests that a breakout may be imminent, which reinforces the view that Bitcoin is well positioned for significant gains in the near future.
Related Reading
The current rebound may be attributed to the US Federal Reserve’s (Fed’s) dovish stance and the recent 0.50% basis point (bps) reduction of interest rate on September 18, which was considered a significant bush catalyst not only BTC but also in the wider market, which has followed the performance of Bitcoin to the top in recent days.
In addition, last week he saw a login restart in the Bitcoin ETF market, following a steady outflow in mid-August and early September. For example, US spot Bitcoin ETFs had net inflows of $106 million on Wednesday, continuing their net inflows for 5 days in a row. BlackRock’s IBIT ETF had inflows of $184 million.
Overall, there seems to be a combination of bullish catalysts for the largest cryptocurrency in the market to continue its recovery, with significant gains expected in the last half of the year and early 2025.
Featured image from DALL-E, chart from TradingView.com