Crypto experts are now debating whether the market will see a rally in October, just 10 days away after Bitcoin plunged on Monday.
Historically, October has been Bitcoin’s strongest month, with the price rising 10 out of 12 times since 2013, according to CoinGlass.
The last time the asset posted a loss in October was in 2018, when it fell 3.8%. In the bull markets of 2017 and 2021, Bitcoin surged 48% and 40%, respectively, in that month.
If a similar surge occurs this year, the price could potentially reach around $165,000 from current levels.
Bitcoiner Kyle Chassé sees a big chance of the Fed cutting rates next month, adding to the market liquidity that has been a major catalyst for crypto’s rally.
Analyst ‘Sykodelic’ predicts the market will continue to sink before the rally begins in October, with the $112,500 level being the key determinant.
After that, Bitcoin could potentially head for new highs that would mark the final leg of a massive rally.
Overall, the optimism surrounding the “Uptober” phenomenon remains, but the market remains cautious about macroeconomic risks and US interest rate movements. Whether history repeats itself or not, Bitcoin is now on the verge of a key determinant heading into October.
