Bitcoin Rally Predictions: QCP Capital Highlights October's Potential

Bitcoin's October Rally Forecast

According to analysts, October has generally been a strong month for bitcoin — making it an opportune time to accumulate during seasonal price dips in September.

"October has the strongest bullish seasonality, with bitcoin showing positive returns and an average gain of 22.9% in eight out of the last nine Octobers," QCP Capital analysts said.

Market Trends and Options Activity

In contrast to this, the analysts added that September is typically a bearish month not just for cryptocurrencies but across all asset classes. "Bonds have been lower in eight out of the last ten Septembers and gold has been lower every year since 2017," the analysts said.

If this seasonal trend plays out again this year, the analysts said it would be strategic to accumulate bitcoin during the September dip and take profits in October or toward the year-end.

• Increased call buying observed in the options market.
• Analysts noted a substantial purchase of call options contracts with a strike price of $80,000, set to expire in December.
• "There is consistent call buying in the vol market, and the desk has observed another 150 contracts at $80,000 strike price December calls lifted in Asia morning," the analysts said.

The price of bitcoin increased by 1.2% in the past 24 hours to trade at $59,136 at 9:02 a.m. ET. Bitcoin dominance is at 54%, and ether dominance is at 14%, according to CoinGecko data.