Many crypto community members expect market growth in October. The fact is that the last quarter of the year usually brings profits to investors. This time, they are sure, history will repeat itself.
There are two absolute leaders in terms of capitalization in the crypto market – Bitcoin and Ethereum. BeInCrypto editors have found out which coin could bring investors the most profit in October.
Additionally, experts helped us understand the prospects of cryptocurrencies.
What will October be like for Bitcoin?
The first to present his forecast for Bitcoin was Nikita Makarov, a master of economics, financial commentator and host of the “Markets” program on RBC-TV. Our interlocutor drew attention to the factors that may affect the price of Bitcoin in October:
Firstly, the absence of US Federal Reserve (Fed) meetings and interest rate decisions in October reduces volatility and gives the cryptocurrency market an opportunity to stabilize after previous events. Thus, investors will be able to calmly assess the consequences of the September interest rate cut and its impact on the economy.
Secondly, the 50 basis point rate cut itself is a strong positive sign. Easing monetary policy traditionally increases demand for risk assets, including cryptocurrencies, as investors seek higher-yielding investment options.
“Bitcoin is expected to continue its upward movement in October and may rise by 10% to $72,000 per coin. Of course, risks remain: geopolitical tensions and negative macroeconomic data – for example, accelerating inflation in the United States – may dampen investor sentiment and slow down Bitcoin’s growth. However, positive expectations still prevail. If external factors do not present any unpleasant surprises, Bitcoin has every chance of showing good growth in October,” Makarov says.
Read more: Bitcoin Price Prediction 2024/2025/2030
Next, Maxim Poptsov, Development Director and Portfolio Manager at MIDEX Capital, sees prospects for the beginning of the main upward movement of the current cycle. At the same time, the expert draws attention to the fact that today it is impossible to say unequivocally that the market has reached the final turning point.
“At the moment, Bitcoin is facing strong resistance in the $65-67K zone, which could trigger another, probably the last, corrective move before updating the all-time highs,” Maxim Poptsov explained his assumption.
Bitcoin Chart Analysis by Maxim Poptsov
Bitcoin Halving influenced price
Since March, Bitcoin has been in a prolonged correction within a broad descending channel. Thus, Poptsov identified two main scenarios for October:
Breakout of the channel and consolidation of the price above $68,000. In this case, the expert no longer expects the continuation of the corrective consolidation. Such movements, in his opinion, will take Bitcoin straight to new all-time highs.
The second scenario (which our interlocutor called the main one) implies that BTC will not break through the current resistance and will continue to fall to the lower half of the descending channel. In this case, purchases below $60,000, Maxim Poptsov is sure, will be an excellent opportunity for investors to “add” to their cryptocurrency portfolio with a horizon of holding positions from six months to a year.
Additional fundamental triggers for the growth of digital gold, the expert is sure, will be the upcoming US elections, the interest rate reduction cycle in the United States, the injection of liquidity into the global financial system, as well as the stimulus of the Chinese economy.
The next Bitcoin prediction for October was given by financial expert Saken Alshinbaev. He drew attention to the fact that traditionally the beginning of the fourth quarter is the best time of the year for the crypto industry.
This year, in his opinion, we can expect the average result to repeat itself. Based on statistics from previous years, the expert expects Bitcoin to grow by 27.5% in October.
“From the current levels, BTC will be able to reach the $82,000-83,000 area by the end of October. This target is the minimum. This will only allow you to get closer to fulfilling the post-halving standards. Within 5-6 months after the halving, BTC usually grows by at least 65%. If history repeats itself, then by the end of the month BTC may cost between $105,000 and $110,000,” Saken Alshinbaev summarized.
Ethereum Forecast for October
Nikita Makarov took the time to comment on Ethereum’s outlook. In his opinion, October promises to be an interesting month for ETH and here’s why:
In October, Ethereum, like the entire crypto market, will have the opportunity to “digest” the Fed’s latest rate cut of 50 bps. Easing monetary policy always has a positive effect on risk assets, which include cryptocurrencies, making them more attractive to investors looking for an alternative to traditional instruments.
Secondly, Ethereum has been lagging behind Bitcoin in growth rates recently. This suggests that ETH has the potential for a more dynamic upward movement. It could see growth of 10% to 20%, allowing it to break above the $3,100 mark and return to $3,300.
“If the external scenario does not present any unpleasant surprises, Ethereum has every chance of presenting good dynamics in October”, he states.
Ethereum chart. Source: TradingView
Which currency to buy in October?
Based on experts' forecasts, it is preferable to buy Bitcoin in October. Our interlocutors do not rule out a 27% increase in BTC this month.
A favorable environment could pave the way for the cryptocurrency to reach the coveted $100,000 level. The main factors are the Fed rate cut and the increased demand for risk assets.
Despite geopolitical and inflationary risks, overall expectations for Bitcoin remain positive.
Ethereum could also show good growth in October, up to 20%. At the same time, ETH, like other altcoins, largely depends on the “health” of the flagship – Bitcoin.
There are no significant events that could set Ethereum’s course on its own this month. Therefore, BTC looks more promising than Ethereum in October 2024.
However, there are alternative opinions. For example, TradeSanta CEO Polina Demchuk believes that October is a good month to buy Ethereum and Bitcoin.
The article Bitcoin vs Ethereum – which coin to buy in October? was first seen on BeInCrypto Brazil.
