Bitcoin Price Outlook: 38.2% Fibonacci in Focus as October Begins—Uptrend Coming?
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin is trading around $63,840, testing the 38.2% Fibonacci level as October kicks off. The cryptocurrency market appears poised for increased volatility, with potential for an uptrend if key resistance levels are broken.
A move above $64,150 could signal renewed bullish momentum, while support at $62,980 is crucial to maintain current gains.
According to CK Zheng, a hedge fund manager at ZX Squared Capital, Bitcoin is expected to rise in the fourth quarter of 2024, regardless of the outcome of the U.S. presidential election.
This is because neither political party has addressed the growing debt and deficits in the United States, making Bitcoin more appealing as a hedge.
Additionally, the fourth quarter has historically seen significant gains for Bitcoin, especially after halving events like the one scheduled for April 2024.
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