Bitcoin started October with a fall

We’ll tell you why Bitcoin failed to start the month with growth, how investor forecasts have changed, and why many members of the crypto community are still waiting for active growth of BTC in October.

What’s happening with Bitcoin

Bitcoin, contrary to positive forecasts, started October with a fall. At the moment, BTC, which was trading above $66,000 on September 28, tested the level of $60,000. As of the time of writing, Bitcoin has corrected to $61,190.

Members of the crypto community blame negative geopolitical news for the fall of Bitcoin. We are talking about the escalation of the conflict between Iran and Israel.

Why investors remain optimistic

Despite the fact that BTC continues to fall, many members of the crypto community believe in the coin’s growth prospects in October. Doctor Profit Analyst paid attention that Bitcoin has stalled near important support levels. In his opiniona decrease in BTC from local highs is not a reason to panic. He noted that this market behavior accelerates FUD. As a result, panickers sell their coins, and market participants who know how to wait buy cheap bitcoins. The analyst called for an end to panic selling.

Optimistic attitude shared by @TheDeFinvestor analyst. He noted that the fundamental factors that could support the growth of the crypto market in October have not changed. For example, the Fed is giving signals about a further reduction in the key interest rate. The changes increase the investment attractiveness of high-risk assets such as crypto. He also recalled China’s readiness to inject liquidity into the banking segment. Such actions by the Chinese authorities can support the positive movement of the crypto market.

There is another factor – the US presidential election. The event will take place in November. Both candidates for the US presidency – Donald Trump and Kamala Harris – plan to support the crypto community. Let us recall that earlier VanEck analysts came to the conclusion that both policies would be equally useful for the crypto industry.

Expectations for FTX payouts add to the optimism. According to the latest data, hearings on the start of the distribution of assets among creditors of the collapsed crypto exchange are scheduled for October.

What to expect from Bitcoin

Participants in the crypto community do not rule out losing the $60,000 level. For example, a crypto blogger @ToniGhinea thinksthat investors could see BTC fall to $50,000. He suggested that October, contrary to positive forecasts, will be bearish.

ITC Crypto founder Benjamin Cowan paid attention that the crypto market risks repeating the movements of 12 years ago. There were also US presidential elections in 2012. This year, October—the month before the event—BTC spent in decline. At the same time, the negative dynamics at the beginning of the fourth quarter of 2012 did not slow down the further growth of Bitcoin. According to Cowan, there is a possibility of a repetition of the scenario of 12 years ago.

Changes in Bitcoin price by month. Source: x.com/intocryptoverse

Those who have come to terms with the likelihood of a further fall in BTC in October thinkthat the next shake-up will be the last before the crypto market goes into the long-awaited bull run.

Blogger Ash Crypto disagrees with his colleagues. He thinksthat the fourth quarter of 2024, which started in October, will be bullish. The blogger supported Doctor Profit’s call not to panic. According to optimistsin October bitcoin may update absolute maximum above $80,000.

Stay informed! Subscribe to World Stock Market in Telegram.