King cryptocurrency Its unit is at the $ 65,000 limit and altcoins start the day positively. Now that we have reached mid-October, the highly anticipated last quarter rise should begin. So, what do QCP Capital analysts’ latest predictions about the cryptocurrency markets tell us? Will the rise gain momentum in the coming days?
QCP Analysts Crypto Predictions
cryptocurrencies We started a good week for you. Bitcoin 
$64,586 With the rise, altcoins turned green again and resistance levels are targeted. QCP Capital analysts have mentioned many times that the rise will accelerate towards the end of the year. Today’s market assessment focuses on the rise triggered by the liquidation of short selling positions.
“With the liquidation of approximately 80 million BTC and ETH leveraged short sales, BTC increased from 62 thousand to 65 thousand. Some may attribute today’s rally to Mt Gox delaying the repayment date to October 2025, but this news broke on Friday.
Although there are many factors that can explain today’s movement, if we look at historical price movements, we can say that we are in a very interesting period. It’s mid-October and the US elections are just three weeks away.
Looking back at 2016, we see that BTC traded in a very narrow range for over 3 months. Up to three weeks before US Election Day BTC It had previously doubled its price under similar conditions by the first week of January.
Similarly, in 2020, BTC was stuck in a dull range for six months, starting to rise from the 11,000 level just three weeks before US Election Day, reaching the 42,000 level in January.
October has been disappointing so far, with BTC only up +1.2% compared to +21% on average. After months of trading in this range, will history repeat itself? “Today’s rally has definitely given the market a glimmer of hope, just as Uptober optimism is waning.”
Will Bitcoin Price Increase?
If we are talking about historical data, the cumulative value of cryptocurrencies should rise steadily. In comparisons with previous cycles, both the last quarter performance and the election period rallies are promising for investors. At this stage, investors will try to take back the $70,000 support, which has not been maintained for more than 6 months, with closings above $67,000.
If things go well, BTC should see the ATH level in the short term and $ 80,000 in the medium term.
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.
