What does BTC have in store for its investors in October 2024?

However, long-term holders (LTH) of Bitcoin pose a potential threat, as they may seek to sell their BTC in order to make a profit, which could hinder the price’s rise.

What does it take for Bitcoin to reach $70,000?

Bitcoin price is known to perform well in the fourth quarter of the year. However, BTC’s rally still depends on more than just investor sentiment and behavior.

In an interview with BeInCrypto, Matt Mena, crypto research strategist at 21.co, explained what other factors could influence BTC’s rise to $70,000.

“A key catalyst would be the possible lowering of interest rates by the Federal Reserve, which would likely lead to pro-risk sentiment in financial markets as investors shift their capital from low-yielding assets like bonds to riskier assets such as stocks and cryptos in search of higher returns. Lower interest rates also inject liquidity into the market — a factor that Bitcoin has historically benefited from, given its high correlation with the global M2 money supply. As liquidity increases, we often see a rise in valuations of risky assets, Bitcoin included,” Mena told BeInCrypto.

Mr. Mena also claimed that the upcoming elections in the United States will play a major role in the trajectory of BTC.

“Additionally, the political landscape is increasingly favorable, with both presidential candidates supporting crypto innovation in the United States, signaling a more favorable regulatory environment. This policy support could thus strengthen investor confidence and catalyze new capital flows into the market as regulatory concerns diminish,” Mena said.

To go further: Bitcoin price predictions for 2024/2025/2030

However, before reaching $70,000, with a high of $65,000, Bitcoin is also hitting a near two-month high, which could prompt its long-term holders to potentially sell. Indeed, according to historical data, these holders tend to sell when the price reaches a peak; thus, their selling pressure could have a significant impact on the market.

The Liveliness indicator, which tracks the activity of long-term holders, also shows an increase. This indicates that LTHs have started liquidating positions, which could lead to a correction in BTC. Indeed, the Liveliness indicator increases when long-term holders sell and decreases when they hold their assets over time (HODL).

LTH are also considered the pillar of Bitcoin’s stability; thus, if they start selling in large quantities, it could lead to increased volatility for the #1 crypto. Their selling activity could therefore prevent a prolonged rise in Bitcoin, potentially causing a short-term pullback.

Changes coming for the little orange room

Bitcoin is currently trading at $65,371, having managed to convert the $65,000 zone into support. Its next major objective would now be to in turn transform the $70,000 mark into a solid support level. This achievement is also key for Bitcoin to continue its upward trend.

BTC has already broken out of a bullish symmetric triangle pattern, therefore suggesting that the crypto could rise by as much as 35%, with a potential target of $81,556. However, a more realistic outlook places the next target at $70,000 as BTC gradually gains momentum.

A rally beyond $70,000 will require significant investor support and favorable macroeconomic conditions. If these factors do not materialize, and long-term holders increase selling pressure, Bitcoin may ultimately struggle to even cross $68,500. In such a scenario, BTC could then lose its support of $65,000, canceling its bullish outlook, potentially leading to a more marked decline.

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