As “Uptober” looms, market analysts remain bullish on bitcoin

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As October approaches, bitcoin – the world’s leading cryptocurrency – has continued to display resilience, recording recent price activity near $63,000. With “Uptober” on the horizon, analysts are adopting an increasingly bullish outlook, forecasting that the token is set to scale new heights.

With crypto’s overall market capitalization reaching $2.2 trillion, according to CoinMarketCap, market sentiment has displayed continued optimism. Despite closing September around $63,000, prominent crypto market analyst Michaël van de Poppe said that bitcoin is expected to reach highs of $90,000 to $100,000 by the end of this year.

Brian Dixon, CEO of Off The Chain Capital, added that crypto investors were largely awaiting “breakout signals or shifts in market trends, particularly around key resistance and support levels like $62,500 for bitcoin.”

This year’s bitcoin halving and influx of institutional interest in response to spot bitcoin exchange-traded funds (ETF) has already catalyzed positive price momentum for the cryptocurrency. Furthermore, MicroStrategy’s recent decision to buy $1.11 billion of bitcoin (equivalent to 18,300 bitcoin) underlines ongoing institutional optimism around the asset, Dixon said. There’s “strong confidence from large investors in bitcoin’s long-term value,” Dixon explained.

However, Dixon said investors were in a holding pattern, awaiting “clearer market signals or regulatory news” to act on. With the U.S. elections in early November promising to shift regulation of the crypto sector, it remains to be seen how bitcoin markets will react to the outcome of the election.

Dixon highlighted that the U.S. Federal Reserve’s recent interest rate cuts have sparked greater interest in crypto. Broadly, the digital asset space is a “maturing market where traditional finance’s regulatory frameworks are increasingly intersecting with cryptocurrency operations,” he said.

“I believe this could pave the way for more crypto-related financial products like ETFs, potentially opening floodgates for more retail and institutional investments, thereby impacting liquidity and market volatility,” Dixon said.