Analysts at QCP Capital said that in October the Bitcoin rate could update its historical maximum, reaching $78,000. Experts noted an increase in the price of the first cryptocurrency in September by 7.3%, contrary to seasonality.

QCP Capital reported that the influx of funds into spot BitcoinETF
and increased activity in the futures market provide support for the first cryptocurrency:

“Bitcoin has been trading in the $60,000 to $70,000 range for eight months now. Will October be the month when we finally see a big breakout? The market is considering this possibility, especially given that the US elections will soon be over. It is likely that the price of Bitcoin will update its all-time maximum (ATH) at $78,000.”

The optimistic scenario will be confirmed by Bitcoin breaking through $70,000, say QCP Capital, recalling the quarterly reporting season starting on October 15 in the United States.

“Bitcoin will benefit from any pullback in equities as it is a risk asset amid global monetary easing,” analysts said.

Stimulating measures by the Central Bank of China and interest rate cuts by the US Federal Reserve System (FRS) should support the optimism of investors in risky assets. A favorable situation may also develop for ether, since this asset also showed predominantly positive dynamics in October, summed up QCP Capital experts.

Earlier, JPMorgan bank said that investing 1% of assets in bitcoins could be the best way to hedge risks associated with the volatility of traditional assets.