Analyst Lists 5 Reasons BTC Price Can Hit $40,000 In October, As Bitcoin Minetrix Hits $350,000
There are five reasons to be bullish on the coming quarter and year in general, pseudonymous crypto analyst @bitbitcrypto argued on Twitter on Sunday.
Firstly, he cited the fact that October is usually a strong month for Bitcoin. Indeed, Bitcoin hasn’t fallen in October since 2018.
That history of good price performance in October is in itself enough to encourage more buyers to enter the market this month, leading to a self-fulfilling prophecy.
@bitbitcrypto then cited four bullish catalysts for 2024.
These include an anticipated beginning of an interest rate cutting cycle from the US Federal Reserve, the fact that it is election year (usually strong for stocks), upcoming decisions on spot Bitcoin ETF applications from the SEC and the Bitcoin halving.
“The closer we get, there will be more and more bullish predictions for 2024, and the speculations will create massive buying pressure heading to the end of the year... The more speculations, the more expectations - markets move on expectations” he argued.
Given the above, perhaps it wouldn’t be too surprising to see Bitcoin (BTC) hit fresh highs for the year and march onwards towards $40,000 this month.
That would mark a 44% jump from current levels just under $28,000.
While things are looking up for Bitcoin this month and during the upcoming quarter, things are looking even better for a new Bitcoin mining derivative token called Bitcoin Minetrix ($BTCMTX).
Bitcoin Minetrix, a decentralized cloud mining platform, recently launched a presale of its native $BTCMTX token and has already reached $350,000 in just a few days.
The platform is introducing an innovative new stake-to-mine mechanism - $BTCMTX owners who stake their tokens will earn mining credits.
These mining credits can then
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