CandleFocus

As BTC passes $66K, is ‘Uptober’ finally upon us?

Author: Content Editor
Bitcoin and Ethereum have seen steady gains in October, with Bitcoin surpassing $66,000 and Ethereum reaching a two-week high of about $2,620. This aligns with the seasonal trend analysis that suggests strong performance in the fourth quarter ("Uptober") despite a slow start to the month. Experts believe that Bitcoin could retest its record high and Ethereum could make a significant run if key resistance levels are broken. Positive developments such as China's plan to increase debt issuance to stimulate the economy and BlackRock's entry into the crypto sector through Bitcoin and Ethereum ETFs also contribute to the bullish sentiment. However, uncertainty around the US election and global liquidity conditions are currently preventing a clear directional trend in the market. The recent deadline extension for Mt. Gox repayments may alleviate selling pressure as creditors are given more time to wait for the return of their funds. Some experts predict that Bitcoin could reach $150,000 to $180,000 in the next two years, while others project a price of $117,000 by August 2025 based on previous halving patterns. Overall, the crypto market is seen as a long-term trend toward putting all value on the blockchain, which surpasses the impact of any one election.

Related News