The post Will Bitcoin Price Really Hit New All-time High In Uptober? appeared on BitcoinEthereumNews.com.

The Bitcoin price can hit a new all-time high (ATH) this Uptober, considering that this month is historically one of its best months. This historical trend indicates that the flagship crypto could rise to as high as $80,000 as it surges past its current ATH of $73,000. However, the path to a new ATH might not be as easy as expected. Bitcoin Price To Rally To New ATH This Month The BTC price is set to rally to a new ATH this month, with historical trends pointing to this happening. The flagship crypto closed in September with a price gain of 7%. This is notable because Coinglass data shows that Bitcoin has recorded positive monthly returns in the last three months of the year, the three times this has happened. Furthermore, the prominent Bitcoin X platform BTC Archive shared data that showed that the flagship crypto could rise to as high as $80,000 following its green September. The crypto has enjoyed an average gain of 25.81% in October after a green September candle. Based on this, BTC could reach $80,500 if it replicates this average gain. Meanwhile, trading firm QCP Capital noted that the Bitcoin price has enjoyed an average gain of 22.9% in 8 out of the last 9 October. A similar price gain would send BTC above $78,000, well above its current ATH of $73,000. The trading firm also cited other factors that support the crypto reaching a new ATH. QCP Capital mentioned that the Spot Bitcoin ETFs inflows remain consistently positive while perp funding is approaching levels that were recorded during the bull run in the first quarter of this year. The significant inflows these Bitcoin ETFs recorded in Q1 contributed to the BTC price reaching its current ATH of $73,000 in March. 10x Research founder Markus…

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Filed under: News - @ October 2, 2024 1:20 am