Bitcoin 
$96,401 started October weakly, and the expected ‘Uptober’ rally did not occur. However, considering macroeconomic factors and developments in the crypto market, Bitcoin’s long-term upward trend continues. In this context, there are five significant reasons for individuals to consider buying BTC this month.
Donald Trump Leads in Polls
Recent Polymarket data shows that Donald Trump is leading in the upcoming elections. The former US president has a 54.1% chance of winning future elections, while Kamala Harris has a 45.4% chance. Trump’s support for cryptocurrencies could positively impact Bitcoin prices.
Analysts predict that if Trump wins the elections, BTC’s value could rise to $90,000, creating a new record for Bitcoin.
China’s Expected Support Packages
According to CNBC reports, the Chinese government is expected to announce an additional stimulus package this weekend to revive the economy. Economists estimate that the government could inject between $282.8 billion and $424.2 billion into the economy. Such a monetary easing policy could enable Chinese investors to invest more in Bitcoin and positively influence Bitcoin prices.
US Federal Reserve’s Interest Rate Policies
The latest meeting minutes from the US Federal Reserve have reduced expectations for a 50 basis point rate cut. However, the likelihood of the Fed lowering interest rates by 25 basis points remains high, around 90%. A rate cut is viewed as a positive development for Bitcoin as it could trigger a greater inflow of liquidity into the BTC ecosystem.
Impact of Bitcoin Halving
The rally following Bitcoin’s halving is approaching and may occur in the coming days. Typically, BTC experiences significant price increases 150 to 170 days after halving. Since 170 days have passed since the halving event in April, an imminent price increase is anticipated.
Experienced trader Peter Brandt emphasizes Bitcoin’s post-halving rise, predicting that BTC could climb up to $135,000.
Potential for ‘Uptober’ Rally
October has historically been one of the best-performing months for Bitcoin. Therefore, Bitcoin prices may witness the famous ‘Uptober’ rally again. If gains exceed 20% on average in October, BTC could surpass its current record level of $73,000 and reach new heights.
These positive developments in the Bitcoin market could create a favorable entry point for investors. Particularly, China’s additional stimulus packages and the Fed’s potential interest rate cuts could support Bitcoin’s price. It may be beneficial for investors to closely monitor market movements and time their investments appropriately.
