5 Top Reasons To Buy Bitcoin (BTC) In ‘Uptober’

The Bitcoin price hasn’t made a great start to October, with the ‘Uptober’ rally not going as planned. However, the flagship crypto still has a long-term bullish outlook, considering several factors both on the macro side and in the crypto space.  In line with this, these are five reasons investors should buy BTC this month.

Five Reasons To Buy Bitcoin This Month

The five reasons to buy Bitcoin this month include the fact that pro-crypto US presidential candidate Donald Trump is leading in the polls. Meanwhile, despite the US PPI inflation data sparking concerns about a  BTC dip, other macro developments still represent positive Bitcoin news. Lastly, October historically remains a bullish month for the flagship crypto.

Donald Trump Is Leading In The Polls

The latest Polymarket data shows that Donald Trump is leading in the polls. The former US president has a 54.1% chance of winning the upcoming November 5 elections, while Kamala Harris’ odds are 45.4%. This is bullish for the Bitcoin price as Donald Trump has publicly declared his support for the flagship crypto and other cryptocurrencies.

In line with this, Bernstein analysts predict that BTC could rise to as high as $90,000 if Trump wins, which will mark a new all-time high (ATH) for the flagship crypto. However, it is worth mentioning that the flagship crypto will still likely hit a new ATH even if Trump doesn’t win.

Historically, Bitcoin has hit a new ATH after the last two US presidential elections. A plausible explanation is that the aftermath of the elections usually brings about market certainty.

China’s Stimulus Package Is On The Way

According to a CNBC report, some economists predict the Chinese government could announce an additional stimulus package this weekend to help revive the country’s economy. There are predictions that the government could inject between $282.8 billion to $424.2 billion into the economy.

Such a monetary easing policy will positively impact the Bitcoin price since Chinese investors will have more money to allocate to the flagship crypto. 10x Research founder Markus Thielen last month cited China’s monetary easing policies as one of the factors that could spark a BTC rally to new highs.

Any US Fed Rate Is Bullish Bitcoin News

The recently released US Fed minutes dampened hopes about a 50 basis points (bps) rate cut. However, there remains the possibility that the US Federal Reserve could cut rates by 25 bps. Fedwatch data shows an almost 90% chance of that happening. If so, this is bullish Bitcoin news for the flagship crypto, as such monetary easing policy will cause more liquidity to flow into the BTC ecosystem.

Interestingly, the Fed will decide on any potential rate cut at its November FOMC meeting, which comes up a day after the US presidential elections. Therefore, any rate cut plus a Trump victory could be the perfect recipe for a Bitcoin rally.

BTC Post-Halving Rally Is On The Horizon

The post-halving rally for the flagship crypto is on the horizon and could happen anytime from now. BTC usually records a significant price surge between 150 and 170 days after the halving period. The price rally is imminent because it has been over 170 days since the halving event in April.

Veteran trader Peter Brandt recently highlighted the post-halving that the flagship crypto usually enjoys while predicting a BTC rally to $135,000.

‘Uptober’ Rally Cannot Be Ruled Out

October remains one of the best-performing months for the flagship crypto. Therefore, the Bitcoin price could still enjoy the famous ‘Uptober’ rally. It is worth mentioning that BTC also experienced a significant downtrend at the start of September before it went on to enjoy its best monthly September close.

If BTC enjoys monthly average gains of over 20% recorded in October, it could surpass its current ATH of $73,000 and reach new highs this month.

Conclusion

The BTC rally could soon begin with positive Bitcoin news, like an additional stimulus package from China, sending the flagship crypto’s price flying. In the meantime, the $66,000 price level is one to watch out for, as a breakout above that level is likely the beginning of a bullish reversal.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.