Bitcoin Likely to Reach $78k in October If Historical Pattern Repeats: QCP Capital
October is shaping up to be an exciting month for Bitcoin investors, as QCP Capital, a leading digital asset trading firm in Asia, predicts that $BTC could reach $78,000. Historically, October has been a bullish month for Bitcoin. In this past, Bitcoin averages a gain of 22.9% in eight out of the last nine years. If this trend continues, Bitcoin may break its all-time high and surpass the $78,000 mark.
Positive Spot ETF Inflows Strengthen Bitcoin and Ethereum Prices
Ethereum also has a positive return in October but it has an average return of about 5% per annum over the last eight years. In the last few days, there has been a fairly high level of activity in the options market. The number of purchased ETH October Calls is increasing, which suggests that the mood of traders is becoming more optimistic.
Bitcoin has been trading between $60,000 and $70,000 for the past eight months. This range has raised questions on whether it will burst in October or not. Marketing environment seems to be right, especially as the elections in the United States have led to greater attention. Spot exchange traded funds (ETFs) remain positive. ETFs are continuing to support the market while funding rates are coming close to the levels seen during the extremely strong bull run in Q1 this year.
$BTC Traders Eye Potential Breakout with Strategic Call Option
In order to capitalise on this possible breakout, QCP Capital recommends the following trading approach that is based on Bitcoin. They suggest a BTC Call DIGI with an exercise price of $75,000 which is due for exercise on 25th of October. This trade idea pays out 6.5 times the initial investment if the price of Bitcoin increases. Therefore, it is an ideal trade for those who are bullish on the cryptocurrency.
During this “Uptober” progresses, focus stays with Bitcoin and the overall crypto space. The Bitcoin community, investors and traders are keen to know whether past trends will hold and if Bitcoin will push through resistance levels to open up new record highs. Given the current positive market sentiment, the next few weeks may be decisive for further Bitcoin development.
