According to a pseudonymous crypto expert, there exist five justifications for adopting a positive stance towards the upcoming quarter and the overall year. This assertion was made on Twitter on Sunday.
Initially, the individual referenced the observation that October often exhibits robust performance for Bitcoin. #bitcoin has not experienced a decline in the month of October since the year 2018.An analyst has identified five factors that might potentially drive the price of Bitcoin (BTC) to reach $40,000 in October. Additionally, the Bitcoin Minetrix has reached a value of $350,000.
The historical track record of favourable price performance during the month of October possesses the potential to stimulate more market participation from buyers, so engendering a self-fulfilling prophesy.
Several factors contribute to the current market conditions. Firstly, there is an expectation of the US Federal Reserve initiating a cycle of interest rate cuts. Additionally, the presence of an election year often results in a favourable environment for equities. Moreover, the Securities and Exchange Commission's impending judgements on spot Bitcoin ETF applications, together with the imminent Bitcoin halving, are also influencing market dynamics.
As the proximity to 2024 increases, an escalation in optimistic forecasts is anticipated, leading to substantial purchasing demand towards the conclusion of the year. The individual contended that as speculations increase, so do expectations, and hence, markets are influenced by these expectations.
Considering the aforementioned factors, it is plausible to anticipate Bitcoin (BTC) attaining new annual peaks and progressing towards the $40,000 mark in the current month.
This would indicate a significant increase of 44% from the present value, which is little around $28,000.