in short

  • Bitcoin shows growth potential due to multiple supporting factors.

  • Donald Trump’s election prospects could have a positive impact on Bitcoin prices.

  • Expected stimulus measures from the Chinese government could spur investment in Bitcoin.

Bitcoin has failed to spark the expected “October rally” rally. However, considering macroeconomic factors and the cryptocurrency market, Bitcoin’s long-term uptrend remains intact. Therefore, there are five important reasons why buying BTC this month could be advantageous for traders.

Donald Trump leads in polls

Recent Polymarket data shows that Donald Trump is leading in the upcoming election. The former US President has a 54.1% chance of winning the future election, while Kamala Harris has a 45.4% chance. Trump's support for cryptocurrencies could have a positive impact on Bitcoin prices.

Bernstein analysts predict that if Trump wins, BTC could rise to $90,000, setting a new record for Bitcoin.

China expected to launch stimulus package

According to CNBC, the Chinese government is expected to announce an additional stimulus package this weekend to revive the economy. Economists estimate that the government could inject between $282.8 billion and $424.2 billion into the economy. Such monetary easing could encourage Chinese investors to put more money into Bitcoin, which could have a positive impact on its price.

The Federal Reserve's interest rate policy

The latest contents of the Fed's meeting minutes have lowered expectations of a 50 basis point rate cut. However, the probability of a 25 basis point rate cut remains high at about 90%. The rate cut is seen as a positive development for Bitcoin and may increase liquidity within the BTC ecosystem.

The impact of Bitcoin halving

Bitcoin’s post-halving rally is coming and could happen in the next few days. Typically, BTC’s price surges within 150 to 170 days of a halving. With 170 days having passed since the halving event in April, it is expected that the price will surge soon.

Peter Brandt, an experienced trader, highlighted Bitcoin’s post-halving rally, predicting that BTC could reach $135,000.

Possibility of an October Rise

Historically, October is one of the best performing months for Bitcoin. Therefore, it is possible that the price of Bitcoin will experience the famous "Uptober" rally again. If the average increase in October exceeds 20%, BTC may surpass the current record level of $73,000 and set a new high.

These positive developments in the Bitcoin market may provide traders with favorable entry points. In particular, additional stimulus packages from China and possible rate cuts from the Federal Reserve may support the price of Bitcoin. Traders are advised to closely monitor market movements and invest when appropriate.