Bitcoin 
$62,753had a weak start to October and the expected ‘Uptober’ rally did not materialize. However, considering macroeconomic factors and developments in the crypto market, Bitcoin’s long-term uptrend continues. Accordingly, there are five important reasons why investors should consider buying BTC this month.
Donald Trump Leads in Polls
Donald Trump is ahead in the upcoming election, according to the latest Polymarket data. While the former US president’s probability of winning in future elections is 54.1%, Kamala Harris’ probability is determined as 45.4%. Trump’s support for cryptocurrencies may have a positive impact on Bitcoin prices.
Bernstein analysts predict that if Trump wins the elections, BTC’s value could rise to $90,000, which would create a new record for Bitcoin.
China’s Support Packages Are Expected
According to a CNBC report, the Chinese government is expected to announce an additional incentive package this weekend in order to stimulate the economy. Economists estimate that the government could inject between $282.8 billion and $424.2 billion into the economy. This type of monetary facilitation policy would allow Chinese investors to invest more in Bitcoin and could positively impact Bitcoin prices.
US Federal Reserve Interest Policies
The US Fed’s latest meeting minutes reduced expectations for a 50 basis point interest rate cut. However, the probability that the Fed will cut interest rates by 25 basis points is still high, around 90%. The interest rate cut is seen as a positive development for Bitcoin by triggering more liquidity flows into the BTC ecosystem.
Impact of Bitcoin Halving
Bitcoin’s post-halving rally is approaching and it could happen in the coming days. BTC usually experiences a significant price increase 150 to 170 days after the halving. It is stated that the price increase is imminent as 170 days have passed since the halving event in April.
Experienced trader Peter Brandt highlights Bitcoin’s post-halving rise, predicting that BTC could rise to $135,000.
Possibility of ‘Uptober’ Rally
October has generally been one of the best performing months for Bitcoin. Therefore, Bitcoin prices may experience the famous ‘Uptober’ rally again. If October gains over 20% on average, BTC could surpass the current record high of $73,000 and reach new highs.
These positive developments in the Bitcoin market may create a suitable entry point for investors. In particular, China’s additional incentive packages and possible interest rate cuts by the US Fed may support the price of Bitcoin. It may be beneficial for investors to follow market movements carefully and invest at appropriate timing.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
