Bitcoin Exceeded 114 Thousand Dollars: October Rise Expectations

Bitcoin (BTC), after its volatility in recent weeks, has once again surpassed the $114,000 level, renewing investors' expectations for a historical rise in October. Last week, the cryptocurrency market closed with a sharp decline; however, the new week began with a swift recovery for Bitcoin. Bitcoin, on Monday, climbed above $114,000, thereby recovering from the sharp drop below $109,000 experienced last Friday.

Behind this rise, the rally in gold and stocks, supported by global interest rate cuts, along with the impact of seasonal price movements known as “Uptober,” appears to be at play. In the last 24 hours, not only Bitcoin but also major altcoins like Ethereum (ETH), Ripple (XRP), and Solana (SOL) gained approximately 4% in value. Gold prices hit a record high of $3,850 per ounce with a 1.2% increase, while the Nasdaq index also saw a 0.8% rise.

Crypto-related stocks also benefited from this surge; Coinbase (COIN) gained 5.7%, and Circle (CRCL) rose by 7.7%. Mining companies, which had a challenging period last week, were also affected by this recovery, with MARA Holdings (MARA) shares climbing 8%. Joel Kruger, strategist at LMAX Group, highlighted that October and November are historically the strongest periods for Bitcoin; data shows Bitcoin providing an average return of 22% in October and 46% in November.

These price movements in Bitcoin offer significant support for both institutional and individual investors. Paul Howard, Senior Director at Wincent, stated that the $110,000 level has seen support from both institutional and individual investors. However, Howard also noted that the market still carries downside risk without clarity in macroeconomic data. Particularly, the US employment report, which was to be released last week, holds the potential to be a significant turning point for investors.