BTC builds momentum for breakout as investors anticipate "Uptober"
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BTC builds momentum for breakout as investors anticipate "Uptober"
Most of the crypto community is now in bull market mode and expects Bitcoin to rise to $100,000 in the fourth quarter of 2024.
Navigating Web3 tides with focused insightsBy BitpushNews
Financial markets saw renewed volatility on Wednesday.
The S&P 500 opened higher but turned negative by midday and failed to recover. The Nasdaq gave up its early gains and struggled to maintain upward momentum. The Dow Jones Industrial Average declined throughout the day, closing down 0.70%, while the S&P 500 fell 0.19% and the Nasdaq ended flat.
According to BeInCrypto data, Bitcoin consolidated after yesterday’s surge to $64,000, with bullish momentum stalling at $64,800 before retesting support at $63,000. At the time of writing, BTC was trading at $63,523, down 0.86% over 24 hours.
The altcoin market showed strength, with most tokens in the top 200 by market cap posting gains. Celo (CELO) led the rally, rising 23.5%, followed by Worldcoin (WLD) up 22.1%, and Baby Doge Coin (BabyDoge) gaining 19.5%. The largest declines were seen in ZetaChain (ZETA), down 6%, Conflux (CFX) off 5.7%, and Catizen (CATI) down 4.8%.
The total cryptocurrency market capitalization currently stands at $2.22 trillion, with Bitcoin’s market dominance at 56.2%.
Strong ETF Inflows
Data from Lookonchain shows that Bitcoin ETFs recorded inflows of $136 million this week, primarily driven by BlackRock, which contributed $98.9 million—the largest two-week inflow for the firm so far. Ethereum ETFs saw inflows of $62.5 million, marking one of the largest recent increases. BTC ETF trading volume rose 18%, while ETH ETF volume increased 8%.
"Uptober" Approaching, Social Sentiment Bullish
A survey on social platform X indicates that the majority of the crypto community is now in bull-market mode and expects Bitcoin to rise toward $100,000 in the final quarter of 2024.
Market analyst Wolf stated on X: "The second phase of the crypto bull market is approaching. BTC has been consolidating for six months. Rather than signaling a reversal, it's forming a clear consolidation pattern. My analysis suggests the cycle peak is likely around Q4 2025."
Analyst Wick highlighted a reversal candlestick pattern that appeared several weeks ago, noting that a sustained breakout upward would confirm the bullish outlook.
Analyst Luke Broyles pointed out that Bitcoin’s all-time high from 2021, adjusted for inflation, equates to $83,000, and stated: "When central banks begin their next round of easing in the next 6–18 months, Bitcoin could reach $95,000."
He added: "A nominal BTC price of $100,000 in 2025 will likely barely match the real purchasing power of the 2021 high. If you don’t believe it, look at Bitcoin pricing in Canadian or Australian political discourse—the difference between nominal and real value is staggering. $100,000 in 2025 equals roughly $69,000 in 2021 terms."
Potential Volatility Ahead
Deribit reported that $7.7 billion worth of BTC and ETH options contracts are set to expire this Friday, which could trigger significant volatility in the crypto market as traders adjust positions through unwinding or rolling over contracts, potentially impacting digital asset prices.
In addition, as major central banks shift toward rate cuts, macroeconomic conditions are becoming increasingly important. Investors should closely monitor upcoming economic reports and earnings season to gauge potential market directions.
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