Bitcoin is at the level of 115 thousand dollars in the last week of October.

Bitcoin Begins the Last Week of October at $115,000

Bitcoin welcomed the last week of October at $115,000. Positive signals regarding trade tensions and lower-than-expected inflation data have provided investors with hopes for interest rate cuts, leading to a resurgence in the cryptocurrency market.

2% Gain in the Last 24 Hours

After a cautious week from investors, Bitcoin saw increased activity over the weekend, gaining approximately 2% in the last 24 hours, reaching $115,400. During this time, a wave of short position liquidations continued, with a total of $162.02 million in short positions being liquidated.

Analyst Opinions

Rachael Lucas, a crypto analyst at BTC Markets, stated, "These price movements are part of a sustainable trend supported by macroeconomic winds, supply shortages, and strong technical indicators."

Another development affecting the market is the upcoming meeting between Donald Trump and Xi Jinping this Thursday in South Korea, with the possibility of starting negotiations for a potential trade agreement. Lucas noted that this situation could create an environment that "might support risk assets and alleviate supply chain constraints."

Fed Meeting and Interest Rate Cut Expectations

The U.S. Federal Open Market Committee meeting will begin tomorrow, and the Fed is set to announce its interest rate decision on Wednesday. Market experts expect a 25 basis point rate cut in the range of 3.75%-4.00. According to CME Group's FedWatch Tool, the probability of this cut is priced at 96.7%.

Santa Claus Rally Expectations

The crypto market traditionally experiences significant price increases at the end of the year; this event is referred to as the "Santa Claus Rally." Analysts believe we may see a similar trend this year as well. Nick Ruck, Director of Research at LVRG, said, "Considering the historical precedents of the Santa Claus Rally, we expect the upward momentum to continue to the end of the year following the halving in 2024."

BTC Markets analysts find the current price levels to have a reasonable rally probability of between 15% and 25%, and they forecast Bitcoin could reach between $130,000 and $150,000 by the end of 2025. It should be noted that Bitcoin's previous record level was $126,080.

Kronos Research official Liu stated, "The Santa Claus Rally is associated with holiday liquidity, portfolio balancing, and upward trends. While volatility may persist with macro signals from FOMC and PCE data, an upward momentum seems likely."