Analysts Forecast Bitcoin Surge in October, Potentially Reaching $150,000
Bitcoin's price recently exceeded $121,000, nearing record highs. Analysts are optimistic, predicting it could reach $143,000—around a 20% increase by the end of October.
October Rally Potential
- Historically, October has been strong for Bitcoin, closing positively in 10 of the past 12 years.
- In September, Bitcoin gained 3.91%, setting the stage for a positive October.
- Average return for October is 20.62%, with losses only recorded twice since 2011.
Past data shows that when September ends positively, October often follows suit with substantial gains.
Could BTC Reach $150,000?
- If October replicates historical average returns, Bitcoin could hit around $143,539.
- Even a median return of 14.71% could push prices above $136,000.
- Market expert Michael van de Poppe highlights technical indicators supporting further growth, including holding the 20-week moving average and breaking a downtrend at $112,000.
- Van de Poppe suggests Bitcoin might hit $150,000 this quarter and achieve a new all-time high soon.
Currently, Bitcoin trades at approximately $121,669, just 2% below its all-time high of over $124,000.