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Analysts Say They Expect a Rally in Bitcoin from October, Share the…
Analysts Say They Expect a Rally in Bitcoin from October, Share the Price Range They Believe in
Some crypto analysts are expecting a rally in Bitcoin in the coming period, especially after October.
Author:
Mete Demiralp
24.09.2024 – 18:28
Update:
1 hour ago
0
As the fourth quarter of 2024 approaches, analysts are optimistic about Bitcoin’s price growth, fueled by institutional adoption and macroeconomic factors. Experts suggest that Bitcoin is poised for a significant increase along with the broader cryptocurrency market.
“Amid macro shifts and institutional adoption, digital assets are set to continue to grow in Q4,” said Gabriel Selby, Chief Research Analyst at CF Benchmarks. Selby emphasized that investors will seek out long-term hedges like Bitcoin as sovereign balance sheets remain under pressure.
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Bitget Research Chief Analyst Ryan Lee echoed this sentiment, predicting that Bitcoin’s performance in October could surpass September’s, with a target price range of $58,000 to $72,000. Lee pointed to signals from the derivatives market, such as negative funding rates on Bitcoin futures and the Fear & Greed Index remaining in “extreme fear.”
Selby added that the U.S. regulatory landscape could change significantly after the Nov. 5 presidential election, fostering an environment ripe for crypto innovation. He pointed to Ethereum’s Layer 2 scaling solutions and the tokenization of real-world assets as trends that could accelerate adoption. He also noted the growing demand for GPU computing power driven by generative AI, which could benefit decentralized physical infrastructure networks (DePINs).
*This is not investment advice.
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