Bitcoin's October Outlook Hinges on $82K Support Amid Cooling Inflation
Bitcoin's price has been trading around $83,500 after surrendering its post-inflation rally above $85,500, according to ViaBTC's Jeff Ko. Analysts have identified $82,000 as a key support level for Bitcoin entering October.
Lacie Zhang, research lead at Bitget Wallet, predicts that the cryptocurrency will trade between $78,000 and $95,000 in October, with $87,500 being the main breakout level. However, she warns that institutional demand must outpace long-term holder and miner selling to sustain gains.
Zhang's bullish scenario requires Bitcoin to hold above $82,000 and reclaim $87,500 before a move towards $95,000 becomes possible. She also sees a break above $87,500 increasing the likelihood of a short squeeze, while a sustained decline below $80,000 would invalidate her seasonal bullish setup.
The October rate-hike probability has fallen to 38.2% from 70.9% after the latest Personal Consumption Expenditures inflation release, according to Ko. Zhang's base case remains a quarter-point increase at the Oct. 28 Fed meeting, taking the target range to 4.00%-4.25%, linked to inflation above 3% and renewed pressure from energy prices.