Bitcoin (BTC) has surpassed $65,000 for the first time in nearly two months, showing significant recovery after downturns in August and September. The cryptocurrency experienced a decline of 20% on August 5 and September 6. Optimists suggest Bitcoin could be gearing up for another bullish uptrend as October approaches.
On Thursday, Bitcoin saw a 3% increase within 24 hours, reaching $65,500 and igniting discussions about a possible parabolic bull run. Investor Scott Melker emphasized that Bitcoin is attempting to establish its first higher high since peaking at $74,000 in March 2023.
Historical metrics show October as a strong month for Bitcoin. Analyst Lark Davis mentioned an average return of 22.90% during this month, which could push Bitcoin past its all-time high of $79,000, setting the stage for a strong November.
Analyst Rekt Capital highlighted that September 2023 was Bitcoin's best September on record, boasting a 9% increase. He linked this to historical Halving cycles, suggesting a breakout might be imminent. Currently, Bitcoin is 159 days past its last Halving, supporting this bullish outlook.
Several factors including the US Federal Reserve's dovish stance, a 0.50% interest rate cut, and positive ETF inflows have also contributed to the bullish sentiment. BlackRock's IBIT ETF saw an inflow of $184 million, adding to the optimistic outlook for Bitcoin and the broader market.
