Bitcoin appears to have defied the historical trend of negative returns in September, with nearly 9% gains for the month. At the time of writing, Bitcoin is trading above $64,000.
As such, experts are now betting on more favorable market conditions and a continued uptrend for the world’s leading crypto asset.
Room for growth
According to Matrixport’s latest update, Bitcoin’s funding rate has returned to near zero, despite recent price volatility. This indicates that futures traders are not heavily positioned on the long side, even with Bitcoin’s ongoing recovery. The crypto service provider claimed that these conditions open the door to more long positions, which could push prices higher.
However, the low funding rate also hints that the recovery could be driven more by spot buying, which is typically more strategic and long-term. With the market not overly leveraged, there is room for further growth, which presents a positive outlook for Bitcoin’s price potential in the near future.
While Bitcoin’s current trajectory seems uncharacteristic, there are several signs that this anomaly has found support from both retail and whales who have been reluctant to sell their stuff.
Market analyst Matthew Hyland also remains bullish on Bitcoin’s long-term recovery, even if it sharply suffers a deeper short-term price correction.
In a recent tweet on X, he explained that if Bitcoin closes a week above $65,000, it would create a high-high and higher-low for the first time in more than six months, indicating a trend change. This would suggest that Bitcoin’s comeback is still on the way.
Bitcoin Eagerly Awaits ‘Uptober’
Bitcoin’s profit offer remains consistently above 80%, a key indicator of a bullish cycle. Brief dips below this level, such as those seen over the summer, often present good buying opportunities, reinforcing the overall bullish market trend, according to CryptoQuant findings.
With October on the horizon, anticipation is high about Bitcoin’s ability to regain its peak.
Another analyst, Michael van de Poppe, is bullish on Bitcoin’s performance in October, often called “Uptober.”
As the fourth quarter begins, he predicts that Bitcoin is likely to break its all-time high in the coming months, following gold’s performance. He also believes that altcoins are positioned for significant upside, possibly achieving 3-5x returns.
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