October has historically been a positive month for Bitcoin (CRYPTO:BTC). Investor expectations are high, with hopes that the price of the Cryptocurrency will rise significantly.
What happened
The fourth quarter of 2024 has begun, and cryptocurrency investors are keeping an eye on market movements. October, known as ‘uptober’, has shown positive returns in nine of the last eleven years, according to data from CoinGlass.
According to CriptoNoticias, there are at least five reasons to believe that Bitcoin could hit new all-time highs this month or in the fourth quarter. The first reason is the expectation of a bullish period, which could lead investors to accumulate Bitcoin, increasing its price by the law of supply and demand.
Another reason is the “halving effect,” which could boost the value of Bitcoin. Furthermore, recent interest rate reductions in the United States, the European Union and China, along with liquidity injections, are positive factors for volatile assets like Bitcoin.
Analysts are also debating whether a financial crisis or a period of economic boom is looming, scenarios in which Bitcoin could excel. Finally, the US presidential elections and the candidates’ favorable promises to the cryptocurrency industry donald trump and Kamala Harris They also play an important role.
From a technical point of view, according to the “cup with handle” pattern of TradingViewBitcoin could reach $125,000. The trader David Battaglia is even more optimistic, setting its target at $180,000, and the investor Scott Melker He also has positive expectations.
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Why is it important
The recent demand for Bitcoin spot ETFs in the US has strengthened the country’s dominance in the cryptocurrency ecosystem. The CEO of CryptoQuant, Ki Young Juhas highlighted how this demand is driving the US market.
Besides, Uruguay has enacted a new law to regulate Bitcoin and other cryptocurrencies, joining countries such as Brazil, Venezuela, Argentina and El Salvador in creating specific legal frameworks. This regulatory development in Latin America could influence the stability and adoption of Bitcoin in the region.
These factors, along with expectations of a bullish period and the “halving effect,” create a favorable environment for Bitcoin to reach new all-time highs in the fourth quarter of 2024.
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