Bitcoin is Holding the 121 Thousand Dollar Level: Uptober Rally is Hopeful

Will Bitcoin Continue to Rise?

Bitcoin entered the past week with a record high, surpassing 126 thousand dollars. However, with a shift in sentiment, it fell to 121 thousand 500 dollars on the last trading day, drawing investors' attention. According to CoinMarketCap data, Bitcoin experienced a 1% decline in the last 24 hours, losing 3% compared to its all-time high of 126 thousand dollars.

Analysts' Opinions

Justin d’Anethan, an analyst at Arctic Digital, interprets this drop in Bitcoin as a "short-term profit-taking situation." According to the analyst, the long-term supply of Bitcoin remains unchanged. While some leveraged positions were liquidated, the general market dynamics are influenced by macroeconomic factors such as the strengthening of the dollar and the Fed's upcoming interest rate decisions. D’Anethan also emphasizes that investors continue to realize profits with a long-term trend and that the market has maintained its resilience even during challenging times.

Is the Uptober Scenario Still Valid?

Vincent Liu, CIO of Kronos Research, states that the current market sentiment is "mixed but resilient." Liu notes that Bitcoin has historically gained an average of 22% in October, while Ethereum has moved around 5%. This situation leads investors to believe that the "Uptober" thesis is still valid. Liu adds that on-chain data indicates that accumulation continues, increasing confidence in the current market structures.

Future Expectations

D’Anethan believes that the market forecasts for October are still positive, but this rise may occur more slowly than investors expect. He suggests that if inflation figures come in low or if the Fed adopts a dovish approach, Bitcoin could regain upward momentum. Currently, low leverage combined with strong market dynamics and sidelined capital creates a healthy structure in the market.

The optimism surrounding Bitcoin's market structure and the returns of October may particularly guide investors in evaluating new opportunities.