Bitcoin and ‘Uptober’ Season
The recent surge in Bitcoin price is largely fueled by demand from institutional investors and also macroeconomic factors that favor assets like high risk. Based on this buying pressure, analysts predict that Bitcoin has the tendency to climb up to $135k this year as the momentum holds.
“Seasonal strength is adding further fuel to the BTC’s rally fire,” Ehsani notes, adding, “Historically, Bitcoin has posted gains in 10 of the last 12 Octobers and 8 of the past 12 Q4s. This is setting expectations that the current breakout move, which saw BTC move from $110,000 to $125,000 in one week, could extend further and withstand the selling pressure and profit‑taking usually triggered when Bitcoin hits a new all‑time high.”
In addition, Market sentiment is turning more bullish, as the Crypto Fear and Greed Index edges toward greed. Currently, the index is at 64, according to CoinMarketCap, and this suggests that investors are actively confident in the market.