Investors Believe Bitcoin Will Be Bullish In October 2024 Despite Market Pressure

Bitcoin illustration (photo: Unsplash)

JAKARTA - Although Bitcoin experienced a decline in prices in early October 2024, many analysts remain optimistic that the crypto market will soon rise. Because, based on historical trends, October is often a strong month for Bitcoin.

According to Tokocrypto trader Fyqieh Fachrur, one example is in October 2023, where Bitcoin jumped more than 28 percent. Thus, observers predict this bullish trend could happen again this year.

At the end of September, the price of Bitcoin had fallen to a lifting of 60,000 US dollars (Rp924 million), caused by geopolitical tensions between Israel and Iran, significant outflows from the Bitcoin ETF, as well as statements from the Fed Chair, Jerome Powell, who withheld interest rates.

However, Fyqieh believes this decline is only temporary. He believes seasonal trends will strengthen Bitcoin again in the next few weeks. And, although volatility is still a challenge, many investors are optimistic that Bitcoin will reach a new high by the end of October.

"Despite current selling pressure, in the next few weeks Bitcoin could hit new highs again, following historical bullish patterns," Fyqieh said further.

Fyqieh advises investors to remain alert to external factors such as geopolitical tensions and interest rate policies, which could affect prices in the short term.

"Although October is often a strong month for Bitcoin, uncertain global market conditions could affect price movements this time. However, if tensions ease and market sentiment returns positive, Bitcoin has great potential to recover and even reach new, higher levels," he said.