Are you keeping up with the latest trends in the cryptocurrency market? If not, you might be missing out on some important insights. In our latest blog post, we discuss the recent Bitcoin price analysis for October 2024 and how it could potentially impact your trading strategy.
Recently, Bitcoin has seen double-digit rallies following the release of the US CPI reports in August and September. With the weakening of the USD due to consecutive rate cuts, Bitcoin’s appeal as a store of value has only strengthened. The hotter-than-expected inflation observed in October suggests that another BTC price rebound could be on the horizon.
According to CME group analysts, there is an 86.4% likelihood of a Fed rate cut on November 7, following the US CPI data release. Despite a temporary dip in Bitcoin price to $58,901, historical trends indicate that BTC could be gearing up for another double-digit rally towards $70,000 ahead of the next FOMC meeting.
Technical indicators on the daily BTCUSD chart also support this optimistic outlook. The Keltner Channel indicator suggests a rebound towards the mid-level resistance at $61,848 in the near term. Similarly, the Choppiness Index signals consolidation, hinting at an imminent breakout. A sustained move towards a trending market, most likely upwards, could confirm this bullish momentum leading towards the upper Keltner band at $65,715.
As sentiment improves and macroeconomic tailwinds continue to drive market confidence, breaking above the $66,000 level could set the stage for a $70,000 rally in the near future. Stay tuned to Extreme Investor Network for more updates and insights on navigating the ever-evolving cryptocurrency market.