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Bitcoin 
$103,012 is hovering around $65,000, and altcoins are starting the day positively. As we reach the middle of October, the anticipated fourth-quarter rise is expected to begin. What do QCP Capital’s latest predictions for the cryptocurrency market tell us? Will the upward momentum gain strength in the coming days?
QCP Analysts Share Cryptocurrency Predictions
We kicked off a promising week for cryptocurrencies. With Bitcoin’s rise, altcoins have turned green again, targeting resistance levels. QCP Capital analysts have frequently mentioned that the upward trajectory will accelerate towards the year’s end. Today’s market evaluation focuses on the rise triggered by the liquidation of short positions.
“The liquidation of approximately $80 million in leveraged short positions for BTC and ETH has caused BTC to rise from $62,000 to $65,000. Some may link today’s rally to Mt. Gox’s repayment date being postponed to October 2025; however, this news emerged on Friday.”
“While many factors could explain today’s movement, we can say we are in an interesting period when looking at historical price movements. We are in mid-October, just three weeks away from the U.S. elections.”
“Looking back to 2016, BTC traded in a very narrow range for over three months. Up until three weeks before the U.S. election day, BTC had previously doubled in price under similar conditions by the first week of January.”
“Similarly, in 2020, BTC remained stuck in a boring range for six months, and began to rise from the $11,000 level just three weeks before the U.S. election day, reaching $42,000 in January.”
“October has been disappointing so far, with BTC showing only a +1.2% increase compared to an average of +21%. After months of trading within this range, will history repeat itself? Today’s rally has certainly provided a glimmer of hope as Uptober optimism diminishes.”
Will Bitcoin Price Rise?
When considering historical data, the cumulative value of cryptocurrencies must steadily rise. Comparisons with previous cycles show that both the fourth-quarter performance and election period rallies are promising for investors. At this stage, investors will aim to reclaim the $70,000 support level, which has been unprotected for over six months, with closures above $67,000.
If things go as planned, BTC should reach its all-time high in the short term and see numbers in the $80,000 range in the medium term.
