Bitcoin (BTC USD) price prediction for October : Bitcoin is heading into October after a sharp summer rebound, but the rally is about to face several important tests.
Bitcoin was trading at $84,000 level on September 30. The Federal Reserve’s October 27-28 meeting could become a major focus for the cryptocurrency market, while oil prices above $100 a barrel and slower inflows into U.S. spot Bitcoin ETFs are adding to the uncertainty.
As per to 24/7 Wall St., Bitcoin has gained 43.8% over the past 90 days after rising from about $57,800 in early July. But despite the rebound, the cryptocurrency remains well below its record high.
Bitcoin Has Rallied 43.8% in Three Months
Bitcoin has climbed about 30% over the past 60 days and 43.8% over the past 90 days.
The cryptocurrency rose from roughly $57,800 in early July to around $84,000 on September 30, bringing buyers back into the market after the earlier decline.
Even after that recovery, Bitcoin remains 34.1% below its all-time high of $126,080, which was recorded last year on October 6.
The 24/7 Wall St. analysis also puts Bitcoin down 3.8% for the year.
The rebound has therefore recovered a significant portion of Bitcoin’s losses, but the cryptocurrency is still below its previous record.
Fed’s October 27-28 Meeting Could Be Crucial for Bitcoin (BTC USD)
The Federal Reserve raised its benchmark interest rate to a range of 3.75% to 4% on September 16, according to the 24/7 Wall St. report. It was the Fed’s first rate increase since 2023, and the decision was unanimous.
The Federal Open Market Committee is scheduled to meet again on October 27-28.
CME FedWatch was showing a 64% probability of another quarter-point increase in the rate, according to the same report.
Higher interest rates can weigh on Bitcoin because it does not pay interest or dividends. The 10-year Treasury yield was at 5.17% on September 25, giving investors another yield-bearing asset to consider.
At the same time, a pause in rate increases could provide support for Bitcoin.
