One Week Left Until ‘Uptober’: Analyst Shares How High The Bitcoin Price Can Go
The fourth quarter (Q4) of every four-year cycle has traditionally been a bullish period for Bitcoin (BTC). As Uptober approaches, crypto analysts have started to share their insights on how high the price of Bitcoin could soar during this typically bullish season.
How Far Bitcoin Can Climb In Uptober
In a recent post on X (formerly Twitter), crypto analyst Jelle provided his outlook on Bitcoin’s price movements for the upcoming weeks. According to multiple analysts, September is generally a bearish month for BTC, marked by volatility and significant price drops. However, in the crypto market, a prolonged bearish phase often sets the stage for a substantial breakout.
With September nearing its end, the eagerly anticipated Uptober is about to begin. The term “Uptober” is popular within the crypto community to describe the upward price trend typically seen in October. Jelle noted that in the last two bull cycles, during the volatile “summer chop fest seasons,” Bitcoin’s price broke out two to three weeks after the start of Q4, which begins in October.
Based on this recurring bullish pattern, Jelle has suggested that Bitcoin might experience a similar price breakout within a few weeks of October. He shared a detailed chart of Bitcoin’s price movements from 2020 to the present, highlighting the next potential price target for the cryptocurrency.
He predicted that Bitcoin’s price could soar as high as $150,000 in October. For this significant price increase to occur, Bitcoin would need to rise approximately 135% from its current price of $63,817 at the time of writing.
Another crypto analyst, known as ‘Altstein Trade,’ echoed similar sentiments. He pointed out that October is a pivotal month for BTC, and with historical patterns in mind, the market might see some exciting possibilities. He added that if Bitcoin can navigate through the chop fest season, the anticipated breakout in Q4 could pave the way for new all-time highs.
In a previous post, Jelle also mentioned that Bitcoin was on track to witness the strongest September performance in history. He noted that if the cryptocurrency closes September on a positive note, Q4 of 2024 could be very promising, with October, November, and December likely being significantly bullish.
BTC Fractal Patterns Hint at a Repeat of Last Year’s Uptober
Bitcoin expert and analyst Kaleo has drawn comparisons between Bitcoin’s price action and performance last year to the current trends observed in September 2024. Kaleo highlighted that September 2023 marked a bottom for Bitcoin; however, the cryptocurrency gained upward momentum towards the end of September, which extended into December.
As a result, Kaleo remains optimistic about Bitcoin’s future outlook, expecting the cryptocurrency’s price action to follow historical bullish patterns in Q4. Based on his price chart, Kaleo projects that BTC could potentially surge to $112,000.
As of now, Bitcoin is priced at $63,600, and the community is keenly watching to see how the market evolves as Uptober unfolds. The upcoming weeks will be crucial in determining whether Bitcoin can achieve these ambitious price targets.
