With the month of October historically seen as an optimistic period for Bitcoin, many bullish predictions about BTC’s short-term potential from crypto analysts are beginning to turn up. Despite recent turmoil, the renewed optimism within the market could be setting the stage for a possible rally, with some experts predicting a new all-time high price for the largest digital asset in the month.
October Could See Bitcoin Reaching Record Heights
Optimism around Bitcoin is rising, as evidenced by a recent bullish forecast from popular market expert and the Chief Information Officer (CIO) of MN Consultancy, Michael Van De Poppe, who has predicted that BTC could poised for a major rally to a new all-time high in October, demonstrating his confidence in BTC’s performance in the short term.
Van De Poppe’s prediction is solely driven by the positive price performance of BTC in October over the past 10 years. With institutional interest increasing and broader adoption of the digital asset gaining traction, Bitcoin is likely to undergo a rally in October in the event that the month mirrors past scenarios.
It is worth noting that the expert previously predicted that BTC could see a sweep of liquidity around the $61,000 price range. However, despite not taking liquidity and failing to reach the level, Van De Poppe claims the crypto asset is still operating according to plan.
As a result, the analyst expects BTC to revisit the $57,000 level, which it will find support and start to move upward once again. He further noted that with Gold reaching new all-time highs, it is anticipated that Bitcoin will go in that direction. Thus, the digital asset could hit a new all-time high price in the following month.
Van De Poppe is not the only analyst who has forecasted a new all-time high for Bitcoin within the year. Another popular expert who has offered a bullish prediction for BTC is Quinten Francois, an author and the co-founder of WeRate.
BTC Could End The Year Hitting $162,000 Threshold
The author’s analysis is based on past trends and cycles, particularly the 2020 cycle in comparison to the current cycle, suggesting an alignment with patterns seen during the previous bull run that could send the crypto asset to unprecedented heights.
According to Quinten, in the 2020 cycle, from December 15, 2018, to September 1, 2020, specifically 625 days, Bitcoin rose by over 269%. Compared to the current cycle, the expert highlighted that within the same timeframe, from December 30, 2022, to September 15, 2024, BTC has risen by about 260%.
During the 2020 cycle, the digital asset witnessed a surge in October, November, and December by 27.7%, 42.95%, and 46.92%, respectively. Should BTC mirror these monthly gains within the following months, Quinten is confident that it might reach $162,539 by December.
Featured image from Unsplash, chart from Tradingview.com
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