Bitcoin Battles $60K: Is an ‘Uptober’ Rally on the Cards?

Major Developments for the Week

Bitcoin battles $60K: Is an ‘Uptober’ rally on the cards? Ethereum‘s price consolidation hints at a breakout eToro launches experimental cryptos TON, BONK and PEPE. ETH founder Vitalik Buterin endorsed as potential Nobel Prize contender Dogecoin experiences significant price swings Bitcoin ETF options anticipated by Q1 2025 Ripple Labs files cross-appeal as legal battle with the SEC intensifies IMF urges El Salvador to revise BTC regulations Justin Sun elected as Prime Minister of the Liberland micronation Mt. Gox extends repayment plan deadline to October 2025 DeFi sector faces decline in lending fees yet Aave maintains dominance

Bitcoin this week: ‘Uptober’ Hopes, Whale Accumulation, and Election Speculation

This week in Bitcoin has been filled with key developments and a host of market-shaping events. Bitcoin continues to hover around the $60,000 mark, with analysts closely monitoring both macroeconomic factors and on-chain data. From hopeful predictions about a potential ‘Uptober’ rally to cautious warnings about volatility, here’s a roundup of what happened and what might be next.

The Four-Year Cycle: An Explosive Year Ahead?

Veteran traders and analysts are looking at Bitcoin’s historical four-year cycle as a key indicator of where the market might be headed.

As Bitcoin nears the end of the second year of this cycle, it’s worth noting that according to some, the third year is historically an “explosive” period. This could mean that Bitcoin is poised for a parabolic rise, potentially reaching as high as $150,000 in the coming year, as the current price base around $60,000 grows stronger.

This potential surge could be driven by increasing institutional interest and easing economic conditions. This prediction is supported by the fact that Bitcoin has been building a strong base around the $60,000 level for months. If this pattern holds, some analysts believe we could see an upward breakout, driven by both institutional interest and macroeconomic shifts, such as a potential easing of interest rates.

Uptober’ Rally or More Sideways Action?

Optimism is building for a potential “Uptober” rally, as long as Bitcoin stays above $60,000. Analysts suggest that upcoming events, such as the U.S. Federal Reserve meeting and China’s fiscal policy, could influence Bitcoin’s next move. Strong U.S. stock market performance supports a possible rally, but caution remains due to potential volatility if Bitcoin falls below this key level.

Whales Accumulate as Speculators Sell at a Loss

Large Bitcoin investors, or “whales,” have accumulated 1.5 million BTC over the past six months, taking advantage of price dips like the recent drop below $60,000. Meanwhile, smaller speculators have been selling at a loss. This pattern suggests that whales might be positioning for a significant price surge if accumulation continues, signaling potential for future upward movement in Bitcoin’s price.

US Election Impact: Will Bitcoin Surge or Fall?

The U.S. presidential election could significantly influence Bitcoin’s price. Analysts predict a Trump win could push Bitcoin to $80,000–$90,000 due to his pro-crypto stance. In contrast, a Kamala Harris victory may cause Bitcoin to drop to around $40,000, as her policies are less focused on supporting digital assets.

A Delicate Market with Bullish Potential

Bitcoin is balancing between key support levels and external factors like whale accumulation and election outcomes. While an ‘Uptober’ rally remains possible, market volatility could persist if Bitcoin falls below $60,000. The next few weeks are crucial for determining its trajectory.

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ETH Price Breakout: 40% Gains Possible as Bullish Patterns Emerge

Ethereum is approaching a pivotal moment, with a potential price rally on the horizon if it holds key support levels. ETH has been consolidating its price within a narrow range for the past week, despite Bitcoin’s volatility.

Analysts believe that ETH is approaching the final phase of a bullish fractal pattern, which could result in a breakout and a potential 40% rally. The altcoin’s price has been forming lower highs – a structure that resembles past periods that led to significant upward movement.

The @Web3Applications Smart Portfolio by eToro is ideally positioned to benefit from this surge in Web3 user engagement. It offers investors a tailored investment strategy that aligns with the burgeoning growth and adoption rates of DApps and related technologies.

The Growing Power of Institutional Crypto Adoption

Institutional adoption of cryptocurrency is picking up speed, with big names stepping in and reshaping the future of finance. The European Central Bank is eyeing a unified blockchain ledger across the EU, a move that could streamline financial markets and bring stability to the digital asset space.

Global crypto adoption is also on the rise, thanks to the backing of heavyweights like BlackRock, as more people turn to Bitcoin during uncertain economic times. And Visa isn’t staying on the sidelines—its new Visa Tokenized Asset Platform, set to launch in 2025, aims to manage digital assets like stablecoins. These developments highlight how major institutions are driving crypto into the mainstream, accelerating its path to widespread acceptance.

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This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

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