On October 10, Bitcoin (BTC) experienced a momentary decline, briefly falling below the $60,000 level. However, it has since rebounded, moving closer to its all-time high of $73,700, which was achieved earlier in March. This recovery follows a tumultuous year marked by considerable volatility, including sharp price drops of nearly 20% on August 5 and September 6.
Recent indicators suggest that the anticipated bull run for the final quarter of the year may still be imminent. Analysts have observed that Bitcoin ’s recovery near the $66,000 level is crucial; maintaining this price point in the coming days could lead to further upward movement. Bitcoin ’s recent attempts to surpass the 200-day moving average — which currently ranges between $63,000 and $64,000 — indicate that the cryptocurrency is at a pivotal moment. Historically, successfully breaking through this average has often resulted in significant price surges.
If Bitcoin can remain above this key threshold for the remainder of the month, there is a strong possibility of it surpassing the $70,000 level for the first time in nearly three months, with some analysts projecting a target of $78,000 in the near future.
Broader market dynamics are also contributing to Bitcoin ’s resurgence. Expectations surrounding U.S. regulatory changes for cryptocurrencies have improved, especially with the upcoming presidential election. Recent moves by political figures suggest a potential shift toward a more favorable regulatory environment. One candidate has expressed intentions to create a supportive framework for digital assets, while another has been vocal about backing the cryptocurrency industry.
Additionally, historical data reveals that October has been a generally strong month for Bitcoin , with an average gain of about 20% over the past decade. Market analysts suggest that this seasonal trend tends to strengthen in the second half of the month, potentially leading to increased price activity for Bitcoin as the month nears its end. Currently, Bitcoin is trading around $65,650, reflecting a more than 2% increase within the last 24 hours, according to CoinMarketCap data.
