Could October Bring a Bitcoin Surge Despite Recent Weakness?

Bitcoin (BTC), the top cryptocurrency by market cap, shows signs of potential growth in October, despite a weak start.

Currently priced at $62,020, BTC is down 0.8% in the last day but has increased by 1.6% over the past week.

Historically, October has been favorable for Bitcoin, with notable gains of almost 30% in 2021 and around 40% in 2022. While it has seen a slight decline so far in October 2024, the asset has surged 123% in the past year.

If the trend of “Uptober” continues, there’s a chance Bitcoin could target the $69,000 resistance level, though past performance shows declines in October for some years.

Anticipated interest rate cuts from the Federal Reserve may also encourage investors to move towards riskier assets like Bitcoin. Additionally, increasing institutional interest, particularly with the approval of spot Bitcoin ETFs and ongoing purchases by companies such as Microstrategy, supports the bullish outlook.

Price analysis indicates Bitcoin has been consolidating between $54,000 and $64,000. The current Relative Strength Index (RSI) of 52.33 suggests bullish momentum, indicating a possibility of price increases in the short term.