Bitcoin Price Outlook: 38.2% Fibonacci in Focus as October Begins—Uptrend Coming?

Bitcoin is trading around $63,840, testing the 38.2% Fibonacci level as October kicks off. The cryptocurrency market appears poised for increased volatility, with potential for an uptrend if key resistance levels are broken.

A move above $64,150 could signal renewed bullish momentum, while support at $62,980 is crucial to maintain current gains.

Bitcoin’s Q4 Surge Unaffected by US Election, Says Hedge Fund

According to CK Zheng, a hedge fund manager at ZX Squared Capital, Bitcoin is expected to rise in the fourth quarter of 2024, regardless of the outcome of the U.S. presidential election.

This is because neither political party has addressed the growing debt and deficits in the United States, making Bitcoin more appealing as a hedge.

Additionally, the fourth quarter has historically seen significant gains for Bitcoin, especially after halving events like the one scheduled for April 2024.

With the Federal Reserve possibly lowering interest rates, Zheng believes Bitcoin will soar to new record highs in Q4.

Institutional investors are drawn to Bitcoin because of its reputation as “digital gold,” which makes it a hedge against macroeconomic volatility.

Due to the unpredictable nature of the economy, worries over debt, and Bitcoin’s track record following elections, this news suggests that the price of BTC may rise.

As a result, Bitcoin is positioned as a secure investment during volatile markets, with rising liquidity probably driving more price changes.

Cantor Fitzgerald CEO: Bitcoin Treated Like Gold, Oil as Normal Commodity

According to Cantor Fitzgerald CEO Howard Lutnick, Bitcoin must be handled like gold and oil since it is a commodity. As Lutnick noted in a recent interview, it’s difficult to see Bitcoin in any other light once you fully comprehend it.

He said Bitcoin is unquestionably a commodity, and authorities must understand this even though other digital assets might be different. Additionally, he attacked officials for not knowing how to control the cryptocurrency industry adequately.

According to Lutnick, a fervent cryptocurrency supporter who expressed optimism in Bitcoin’s future within traditional banking, Cantor Fitzgerald will assist in integrating Bitcoin into international markets.

This support from a well-known financial person may inspire increased interest in Bitcoin among institutions, raising its price as more people realize how valuable it is as a reliable asset.

Ohio Pioneers Tax Payments in Cryptocurrency with New Legislation

Senator Niraj Antani of Ohio has sponsored a bill letting citizens use cryptocurrencies like Bitcoin to pay their local and state taxes.

In addition to emphasizing that cryptocurrencies are not merely the way of the future, Antani urged Ohio to embrace innovation in the economy.

The government might be able to connect taxpayer identities to cryptocurrency wallet addresses, according to critics who have voiced privacy concerns over the law.

In 2018, Ohio considered implementing cryptocurrency taxes; however, the project was shelved. The Ohio legislature is now reviewing the new bill in committee before it is put to a vote.

This action may boost usage and acceptability, helping Bitcoin become more widely accepted and having a favourable effect on its price.

As other states consider comparable acts, Bitcoin may become increasingly prevalent in regular financial transactions, which would support the long-term stability of its value.

Bitcoin’s Best September Since 2013 Precedes Bullish October

September 2024 has seen a nearly 7.25% increase in Bitcoin prices, breaking the month’s typical downward tendency. With just two profitable months since 2013, September has historically been among Bitcoin’s weakest months.

As October approaches a typically bullish month, this unanticipated rise strengthens Bitcoin’s position. Some traders have set their sights on values as much as $70,000 from the current $63,000.

Bitcoin’s surge has been attributed to positive U.S. political sentiment, institutional investments, and global monetary easing, particularly in the run-up to the November elections.

In the past, a successful September has resulted in better Q4 results, with increases in Bitcoin often occurring in October, November, and December.

This information suggests that the price of Bitcoin may rise due to improving market conditions and increased investor confidence. More investors are expected due to the forecasted upward trend into Q4, provided by political backing and economic initiatives.

Bitcoin (BTC/USD) Daily Outlook – October 1, 2024

During the Asian session, Bitcoin is showing mild bullish momentum, trading around $63,840 after a 0.74% gain in early session trading. The cryptocurrency is holding above its pivot point at $63,390, suggesting potential for further upward movement if resistance levels are breached.

Immediate resistance is observed at $64,150, with subsequent barriers at $64,530 and $64,890. These levels are crucial as they coincide with Fibonacci retracement levels, indicating potential selling pressure if Bitcoin attempts a break higher.

Bitcoin Price Chart – Source: Tradingview

On the downside, immediate support is positioned at $62,980, with further support levels seen at $62,570 and $62,120. The 50-day Exponential Moving Average (EMA) at $64,620 serves as a dynamic resistance, which could limit near-term gains.

The Relative Strength Index (RSI) is currently at 40, reflecting a neutral stance, which implies that Bitcoin is not overbought or oversold, leaving room for potential price swings in either direction.

A bullish breakout above $64,150 could trigger additional buying interest, pushing BTC toward $64,890, while a decisive break below $63,390 might shift sentiment toward the bearish side.

Key Insights:

• Resistance Cluster at $64,150: A breach above this level may pave the way for further upside gains.
• Support at $62,980: Key support holding above 50-day EMA, keeping the bullish bias intact.
• Neutral RSI at 40: Momentum remains balanced, providing room for directional moves based on key levels.

Conclusion:

Bitcoin’s technical setup favors a cautious bullish bias above $63,390, with immediate resistance at $64,150 in focus.

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