Bitcoin 
$105,040 began October on a weak note, failing to trigger the anticipated ‘Uptober’ rally. However, considering macroeconomic factors and developments in the crypto market, Bitcoin’s long-term upward trend remains intact. Consequently, there are five significant reasons why purchasing BTC this month may be advantageous for traders.
Donald Trump Leads in Polls
Recent Polymarket data indicates that Donald Trump is leading in the upcoming elections. The former U.S. president has a 54.1% chance of winning future elections, while Kamala Harris’s probability stands at 45.4%. Trump’s support for cryptocurrencies could positively impact Bitcoin prices.
Analysts from Bernstein predict that if Trump wins, BTC could rise to $90,000, setting a new record for Bitcoin.
China’s Stimulus Packages Anticipated
According to CNBC, the Chinese government is expected to announce an additional stimulus package this weekend to revitalize the economy. Economists estimate that the government could inject between $282.8 billion and $424.2 billion into the economy. Such monetary easing policies could encourage Chinese investors to allocate more funds to Bitcoin, positively affecting its price.
U.S. Federal Reserve’s Interest Rate Policies
The latest minutes from the U.S. Federal Reserve’s meeting have lowered expectations for a 50 basis point interest rate cut. However, the likelihood of a 25 basis point reduction remains high, around 90%. A rate cut is viewed as a positive development for Bitcoin, potentially increasing liquidity within the BTC ecosystem.
Impact of Bitcoin Halving
The rally following Bitcoin’s halving is approaching and could occur in the coming days. Typically, BTC experiences significant price increases 150 to 170 days post-halving. As 170 days have passed since the halving event in April, a price increase is anticipated soon.
Experienced trader Peter Brandt emphasizes Bitcoin’s post-halving rise, predicting that BTC could reach $135,000.
Possibility of ‘Uptober’ Rally
October has historically been one of the best-performing months for Bitcoin. Therefore, it is possible for Bitcoin prices to experience the famous ‘Uptober’ rally again. If an average gain of over 20% occurs in October, BTC could surpass its current record level of $73,000, reaching new heights.
These positive developments in the Bitcoin market may present a favorable entry point for traders. Particularly, China’s additional stimulus packages and potential interest rate cuts by the U.S. Fed could support Bitcoin’s price. Traders are advised to closely monitor market movements and invest at opportune times.
