Bitcoin appears to have defied the historical trend of negative return for September, with almost 9% in gains for the month. At the time of writing, Bitcoin is trading above $64,000.
As such, experts are now betting on a more favourable market conditions and a continued bullish trend for the world’s leading crypto asset.
Room For Growth
According to the latest update by Matrixport, Bitcoin’s funding rate has returned to near zero, despite recent price volatility. This indicates that futures traders are not heavily positioned on the long side, even with Bitcoin’s ongoing rally. The crypto service provider stated that such conditions open the door for more long positions, which could push prices higher.
However, the low funding rate also hints that the rally might be driven more by spot buying, which is typically more strategic and long-term. With the market not overly leveraged, there is room for further growth, presenting a positive outlook for Bitcoin’s price potential in the near future.
While Bitcoin’s current trajectory seems uncharacteristic, there are several signs that this anomaly has found support from both retail and whales alike who have resisted to sell their stash.
Market analyst Matthew Hyland too remains optimistic about Bitcoin’s long-term recovery, even if it abruptly suffers a deeper price correction in the short term.
In a recent tweet in X, he explained that if Bitcoin closes a week above $65,000, it would create a higher-high and higher-low for the first time in over six months, signaling a shift in trend. This would suggest that Bitcoin’s comeback is still on track.
Bitcoin Eagerly Awaits ‘Uptober’
Bitcoin supply in profit remains consistently above 80%, a key indicator of a bull cycle. Brief dips below this level, such as those seen during the summer, often present good buying opportunities, reinforcing the overall bullish market trend, as per CryptoQuant’s findings.
With October in horizon, anticipation is high on Bitcoin’s capability to reclaim it’s peak.
Another analyst, Michael van de Poppe is optimistic about Bitcoin’s performance in October, often referred to as “Uptober.”
As Q4 begins, he predicts that Bitcoin is likely to break its all-time high in the coming months, following the performance of gold. He also believes that altcoins are positioned for a significant rally, potentially achieving 3-5x returns.