Although Bitcoin (BTC) hasn’t started October as strongly as expected, the long-term outlook remains promising due to several key factors. Known as “Uptober” among crypto investors, October often brings positive momentum for Bitcoin. According to analyst Boluwatife Adeyemi, here are five reasons why investors should consider buying Bitcoin this month.
Trump Leading the Polls: A Boost for Bitcoin?
With the U.S. presidential election just weeks away, Donald Trump leading in the polls is seen as a positive signal for Bitcoin. Data from Polymarket shows that Trump has a 54.1% chance of winning, while Kamala Harris stands at 45.4%. Trump has previously expressed favorable views on Bitcoin and cryptocurrencies, making his potential win a bullish factor for the market.
Analysts at Bernstein suggest that if Trump wins, Bitcoin’s price could skyrocket to $90,000, marking a new all-time high (ATH). Even without a Trump victory, the post-election period historically brings reduced market uncertainty, which tends to push Bitcoin prices higher. After the last two presidential elections, Bitcoin reached new highs, and similar trends could emerge again.
China’s Stimulus Package and Fed Rate Decisions
Advertisement Banner
Another bullish factor for Bitcoin is China’s anticipated economic stimulus package. According to CNBC, economists predict a stimulus between $282.8 billion and $424.2 billion, which could flood the market with liquidity. This is expected to drive up the price of Bitcoin, as Chinese investors may allocate part of their funds to the crypto market.
The Federal Reserve’s potential rate cut is also a positive sign. While a 50-basis-point cut seems unlikely, a 25-basis-point reduction is still on the table. Fedwatch data shows a 90% probability of such a cut, which could further boost BTC as it would increase liquidity in the ecosystem. The rate cut decision is expected during the November FOMC meeting, right after the U.S. presidential election.
Halving Rally and Uptober Expectations
Historically, Bitcoin experiences a major price surge roughly 150-170 days after a halving event. With more than 170 days since the last halving in April, a rally could start at any moment. Veteran investor Peter Brandt predicts that Bitcoin could reach $135,000 in the post-halving bull run.
October is also known as one of the best-performing months for Bitcoin, with an average gain of over 20%. If Bitcoin follows this historical trend, it could surpass its current ATH of $73,000 and set new records.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
