👉Bitcoin (BTC) is currently struggling to break above resistance, but JPMorgan analysts remain optimistic about the possibility of a strong BTC price increase this month. They predict that Bitcoin will continue to rise in Q4, despite a major price drop last week.
👉At the time of writing, Bitcoin is trading around $62,290, down 0.59% over the past 24 hours, according to CoinMarketCap. However, trading volume has increased by 62%, which shows interest from the market.
💥Analysts Remain Optimistic on Bitcoin Price
👉While many are worried about a bear market, JPMorgan believes that Bitcoin's bearish phase is coming to an end. They said October usually brings positive news for the cryptocurrency market.
👉In the past, Bitcoin has often had a 70% increase in October. Therefore, it is likely that this month Bitcoin will overcome recent fluctuations.
Analysts also believe that Bitcoin could follow last year's trend and surpass the $60,000 resistance level.
💥Does Bitcoin have the potential to explode?
👉With the approval of the Bitcoin ETF, many people expect that liquidity in the market will increase, helping the prices of major cryptocurrencies to rise. In addition, the development of Ethereum, especially the Pectra Improvement project, can also affect the value of cryptocurrencies.
👉Ethereum's Pectra project is supposed to solve scalability and efficiency issues. If successful, it could give Ethereum new momentum and help other cryptocurrencies rise in price.
Ultimately, Bitcoin is still waiting for a new factor that could help the coin explode in October.
Wish everyone successful trading👌
