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Will Bitcoin See a Bull Run in October?

Bitcoin price has had fewer price volatility than the stock market and has been more resistant to negative news than before. Can we expect a Bitcoin bull market in October with Bitcoin price stability? Let’s take a look at the events that may have an impact on Bitcoin’s price, and Bitcoin’s price analysis.

Events that may impact Bitcoin price movements

Recently, some major events have happened in the blockchain and crypto industry, and breaking news in the turbulent world.

On Sept. 26, Kucoin has lost $150 million due to a security breach. Bitcoin even didn’t see a plunge after the news came out.

On Oct. 1, The Commodity Futures Trading Commission (CFTC) charged BitMEX, one of the biggest crypto exchanges for operating an unregistered trading website and violating multiple CFTC regulations. Bitcoin plunged from around $10,900 to $10,450, then rebounded to $10,650. The impact on the crypto market and blockchain industry would be long-lasting, especially for altcoins.

On Oct. 2, Trump tested positive for COVID-19, along with his wife, Melania Trump. The US stock futures plunged immediately after the news spread. The Dow Jones, Nasdaq, and S&P 500 all opened low and closed even lower. At market close, the S&P 500 was down 0.96%, the Dow Jones was down 0.48% and Nasdaq was down 2.22%. Bitcoin slipped to $10,370, then rebounded to $10,550. Trump testing positive for COVID-19 shows that even a president with high levels of protection can contract the disease, which means the influence of COVID-19 is much more serious than we expected.

Technical analysis of Bitcoin’s price

From the below technical analysis on Bitcoin, we can see that the 30-day MA is still a resistance level and the 90-day MA as once the critical support level is a resistance level now. This indicates the Bitcoin price can hardly see an uptrend in the short term.

Source: Binance, Bitcoin Price Chart

We can expect more violations in the stock market as the presidential election is incoming. For the Bitcoin and crypto market, as both 30-day and 90-day MA as resistance levels and huge uncertainties in the outside world, Bitcoin and cryptocurrencies will hardly sustain a bull market in October, and even before the US presidential election.

Ethereum is Ready for $5,000 and Chainlink for $100, says Market Analyst

Ethereum (ETH) is up by 22.42% in the last seven days to trade at $2,440 at the time of writing, according to CoinMarketCap.

ETH’s current bull run has made market analyst Michael van de Poppe acknowledge that the second-largest cryptocurrency based on market capitalization has set its eyes on the $5k price level. He said:

“Ethereum is ready for $5,000 and Chainlink for $100.”

Ever since ETH breached the previous record of $1,400 set in 2018, the second-leading crypto has been on overdrive as it continues to scale new heights.

On-chain data provider Santiment recently revealed that Ethereum’s rally to $3k and beyond looked set thanks to booming non-fungible token (NFT) and decentralized finance (DeFi) sectors.

Ethereum Berlin upgrade roll out

With Ethereum’s Berlin hard fork anticipated to go live on April 15 at block 12,244,000, increased gas efficiencies and enhanced protection against denial-of-service (DDoS) attacks are expected to be observed.

The Berlin upgrade is an improvement to the present ETH 1.0 mainnet, which is anticipated to be deployed on Ropstein, Goerli, and Rinkeby testnets before making its way onto the mainnet. With the Berlin upgrade, four Ethereum Improvement Protocols (EIPs) will be implemented.

Therefore, it is expected to tackle the challenge of high gas fees being experienced in the Ethereum network.

Chainlink hits new all-time high

Chainlink (LINK), the tenth-largest cryptocurrency with a market capitalization of $17.56 billion, has risen by 25.86% in the past 24 hours, according to CoinMarketCap.

LINK has been on a rollercoaster ride based on its record-breaking moves, which saw it hit a high of $42.80 on April 15. This uptrend is the reason behind Michael van de Poppe’s speculation that Chainlink is eyeing the $100 price level.

So far, LINK’s rate of return is very impressive, rising by more than 200% since the beginning of 2021.

Bitcoin's Road to $1.5 Million: Cathie Wood's Bold 2030 Prediction

In a recent interview with CNBC, Cathie Wood, the CEO of Ark Invest, projected a significant rise in the value of Bitcoin by 2030. According to her forecast, Bitcoin could reach approximately $600,000 under base scenarios. More optimistically, considering factors such as a potential bull market and the possibility of the U.S. Securities and Exchange Commission (SEC) approval, she expanded her projections to an ambitious level of $1.5 million.

The Rationale Behind the Prediction

Wood’s prediction is underpinned by several factors. She cites increasing institutional acceptance and Bitcoin’s finite supply and decentralized nature as key drivers. Bitcoin, often referred to as “digital gold,” is increasingly seen as a hedge against inflation and economic uncertainties, contributing to its appeal for investors. Wood remains optimistic about Bitcoin overcoming regulatory challenges, anticipating a more supportive environment as the regulatory landscape evolves.

Institutional Adoption and Market Dynamics

Bitcoin’s attractiveness as an investment option is further bolstered by the growing interest from both institutional and retail investors. Wood underscores the cryptocurrency’s inflation hedging capabilities and utility in remittances as central to its rising value. Historically, Bitcoin has functioned more as a speculative asset than a common currency, but this perspective is changing with increased adoption and recognition.

SEC and Crypto Regulation

The SEC’s role in the cryptocurrency market cannot be understated. With ongoing regulatory actions and lawsuits, such as the case against Ripple, the regulatory landscape is poised to have a significant impact on the market. Market analysts suggest that approval for spot Bitcoin ETFs could positively influence Bitcoin’s price by boosting investor confidence through regulatory clarity. Such developments could pave the way for Bitcoin’s rise as projected by Wood.

Bitcoin’s Current Market Position

As of now, Bitcoin is a leader in the digital currency market, valued at around $42,375. Its market trend appears to be bullish above the $41,735 mark, with resistance levels noted at $42,885, $44,738, and $46,020. Support levels are at $40,700, $39,775, and $38,350. The Relative Strength Index (RSI) reflects a neutral market stance, and the 50-Day Exponential Moving Average (EMA) is in close proximity to Bitcoin’s price, suggesting a possibility of short-term bullish movement