Bitcoin is growing, analysts predict a new record

Bitcoin started the new working week with long-awaited growth. The positive dynamics of the most capitalized cryptocurrency has inspired members of the crypto community. Many believe that new peaks are ahead for BTC

Bitcoin started Monday with growth. As of the time of writing, the coin is trading at $ 63,608, which is 14% below its all-time high of $ 73,750 on March 14, 2024.

Cryptocurrencies, contrary to forecasts, started October with a drop. Investors attribute the negative dynamics of BTC to the escalation of the conflict between Iran and Israel.

The growth at the beginning of the new working week revived the hopes of crypto community members for the coin’s growth. Investors are expecting new bitcoin records in October for a number of reasons, including the following:

according to statistics, crypto markets often show positive dynamics in the fourth quarter of the year;
as the US presidential election approaches, interest in crypto may increase;
after the halving, the shortage of cryptocurrencies in the market may increase, which will push its rate up.

BTC’s growth may also be supported by the Fed’s move to lower its key interest rate and the Chinese authorities' plans to support the banking sector by injecting $ 142 billion into it. Part of the funds may be deposited in crypto.

Members of the crypto community expect further growth of BTC. For example, Doctor Profit analyst believes that bitcoin is targeting $ 66,000. MartyParty analyst shared a similar forecast. In his opinion, the cryptocurrency’s chart shows a Weikoff accumulation cycle. If his assumptions are correct, the coin is headed for a breakout of $ 66,000, after which BTC may go on to storm $ 71,000. MartyParty is confident that investors will see a new high in early November.

Analyst Mark Cullen, for his part, drew attention to the risks. He believes that if BTC fails to break through the resistance around $ 64,500, investors will see the cryptocurrency’s price rollback. In this case, he does not rule out a drop in the price of bitcoin below $ 57,000.

According to the analyst, the cryptocurrency’s behavior this week will largely depend on the publication of fresh data from the US economy. For example, on Wednesday, changes in the consumer price index will be published. Regulators use the index data to estimate inflation. A higher-than-expected result risks raising concerns about tightening monetary policy, which could put pressure on bitcoin.