With October just around the corner, Bitcoin is gearing up for what could be an exhilarating market performance, possibly reclaiming or even surpassing its all-time high.
Defying the usual September slump, Bitcoin has posted nearly 9% gains this month, flaunting a trading price above $64,000. This has got experts buzzing with excitement about the potential for a continued bullish trend for the world's leading crypto asset.
Matrixport's latest update reveals that Bitcoin's funding rate has returned to near zero, even amidst recent price volatility. This means futures traders aren't overly bullish just yet, which is a promising sign. According to Matrixport, this leaves the door wide open for more long positions, which could push prices even higher.
Interestingly, this low funding rate suggests the rally might be driven more by spot buying—a more strategic and long-term play. With the market not overly leveraged, there’s ample room for growth, painting a rosy picture for Bitcoin’s near-term price potential.
Bitcoin's current upward trend seems to be bolstered by both retail investors and big-time whales who aren’t rushing to sell their holdings. Market analyst Matthew Hyland shares this optimism, even if there’s a short-term dip. He recently tweeted that if Bitcoin closes the week above $65,000, it would mark a higher-high and higher-low for the first time in over six months. This could signal a definitive trend shift, suggesting Bitcoin's comeback is in full swing.
Another bullish indicator is that over 80% of Bitcoin's supply remains in profit, a hallmark of a bull cycle. According to CryptoQuant, brief dips below this level often present prime buying opportunities, reinforcing the overall bullish sentiment.
With October on the horizon, excitement is building around Bitcoin's potential to reclaim its peak. Analyst Michael van de Poppe is particularly optimistic about Bitcoin's October performance, playfully dubbed “Uptober.” As we head into Q4, he predicts Bitcoin could break its all-time high in the coming months, mirroring gold's performance. He’s also bullish on altcoins, forecasting significant rallies with potential returns of 3-5x.
So, buckle up! October could be a wild ride for Bitcoin and the crypto market at large.
