Are You Ready For ‘Uptober’? Is it Time for a Bitcoin (BTC) Price Rally?



The post Are You Ready For ‘Uptober’? Is it Time for a Bitcoin (BTC) Price Rally? appeared first on Coinpedia Fintech News

The fluctuating price behavior of Bitcoin (BTC) continues to play havoc with traders’ and investors’ sentiments. Traders are still making predictions about what Bitcoin (BTC) will do in the upcoming month of October. According to a well-known crypto analyst, the fourth quarter of the year may see rallies in the cryptocurrency markets.

The host of InvestAnswers said that a lot of fundamental factors are currently lined up in favour of Bitcoin and crypto markets in a recent debate with fellow analysts Benjamin Cowen and Mike from Digital Asset News.

He said that inflation is falling, given the current state of demand destruction, it must be happening rather quickly. Over the next two to three months, we’re going to see some nice CPI (consumer price index) prints.

Markets are bottoming

He is observing how the credit markets are roiled just now following this week’s UK blink and after Germany printed.

He said that the DXY (US dollar index) will be under pressure due to China’s very obvious intention to unload the remaining trillion dollars in treasuries as soon as possible, which should support some of the other emerging market currencies.

“Markets are definitely bottoming. [For the S&P 500], 3,500 points base for a floor, upside 4,800 points within six to 12 months is my take. And there’s tons of cash on the sidelines. $3 trillion waiting to be deployed. If the war stopped [between Russia and Ukraine], that would be game on… In terms of the Fed, they talk a big game, they do a lot of jaw-boning, but do they have bite?”

The analyst also said that October is often known, like “Uptober” and “Moonvember.” He anticipates success, particularly now that individuals are seeking for a hedge after realizing how badly their native currencies are performing. Simply deploying 1% or 2% of assets has a significant impact on Bitcoin, thus I anticipate a strong fourth quarter from here.