Bitcoin High Price Expectation: 140 Thousand Dollars by the End of October

In the world of cryptocurrency, attention has turned to the potential increase in Bitcoin's price (BTC) by the end of October. Renowned economist Timothy Peterson predicts a 50% chance that Bitcoin will reach $140,000 by the end of October. Bitcoin started the week with a record high of $126,200 and later stabilized around $122,000.

As expectations for a new wave of market growth dominate, Peterson's simulation, created using a decade of price data, supports the historical tendency for Bitcoin to perform strongly in October. The price of Bitcoin has gained 10% since the beginning of the month, attracting attention. This increase is largely due to inflows to exchanges and the withdrawal of cryptocurrencies from exchanges. In the past month, a total of 170,000 Bitcoin has been withdrawn from exchanges, reducing total balances to 2.83 million Bitcoin, marking the lowest level in six years.

Furthermore, over $60 billion has flowed into the approved US-based spot Bitcoin ETFs since January 2024. The recent $3.2 billion inflow recorded last week is noted as one of the strongest weeks historically. While investors generally maintain low-risk positions, market expectations are shaping upwards. However, analysts caution that this optimism may be tested by macroeconomic uncertainties. Particularly, in the US, the inability to release inflation and employment data due to a government shutdown has left investors lacking in data flow.

As a result, potential movements in Bitcoin's price should be monitored closely. Market dynamics and macroeconomic developments significantly impact investors' assessments. Therefore, tracking critical levels is of great importance for investors.