Bitcoin sought to flip $62,000 to support on Sept. 19 as traders digested a 50 basis point rate cut by the U.S. Federal Reserve for the first time since 2020. Popular crypto analysts believe the world’s largest and oldest cryptocurrency could set a fresh all-time as soon as next month if one important support level holds.
October Could Be A Blockbuster Month For BTC’s Price
Bitcoin had a promising start to 2024, climbing over 30% year-to-date. This was spurred by several bullish fundamental catalysts, including the debut of spot BTC exchange-traded funds on United States exchanges and the fourth quadrennial halving event, which lowered the reward given to miners for solving valid blocks from 6.25 BTC to 3.125 BTC.
Unlike previous cycles, the Bitcoin price set a new record high near $74K in the lead-up to the halving, leading many market watchers to forecast a supercycle within the current halving year.
Roughly 151 days have passed since the Bitcoin halving, and BTC’s price is yet to break past its pre-halving all-time high. Notably, previous halvings set the stage for multi-fold price rallies. Analysts have been discussing whether the crypto king will launch a parabolic rally in Q4 2024.
The price of BTC fell below the $60,000 zone earlier this week ahead of the Federal Reserve’s expected first rate cut in four years. The crypto has since bounced back, surging to $62,319 as of publication time, a +4.2% change on the day.
According to crypto trader, analyst, and entrepreneur Michaël van de Poppe, Bitcoin could rocket to new lifetime highs in October.
“Yes, there we go. Bitcoin is above $60,000 again, after having a minor correction. Continue to hold above $58,500 and we’ll be going to see a new ATH in October,” van de Poppe postulated.
Popular trader Jelle echoed a similar belief, predicting a return to BTC price discovery next month.
“#Bitcoin is still playing out similarly to the summer of 2023. Months of chop, finding a bottom in early September, and slowly grinding up now,” he stated.
“Should accelerate towards the end of the month, leading to new highs in October if this plays out the same. I’m pretty sure it will.”