Bitcoin rebounds above $63,000 with analysts predicting further gains in 'Uptober'

From Investing.com

October 1, 2024 06:27 AM:

Bitcoin has rebounded above $63,000, closing September with a 7.3% gain, its best performance for this month. Analysts suggest further gains with FOMO driving market optimism. Other cryptocurrencies, like Ethereum, saw slight declines. Crypto-related stocks also felt the heat, with major miners and exchanges experiencing losses.

Federal Reserve Chair Jerome Powell’s comments on rate cuts impacted U.S. equity indexes, which ended mostly flat but slid lower. Despite market volatility, Bitcoin remains resilient, setting the stage for a potentially stronger October. October historically known as “Uptober” for positive returns in the crypto world.

Analysts advise caution despite recent optimism, warning of unexpected setbacks due to widespread bullish sentiment. Bitcoin’s halving cycle may drive price action, with a rally possible soon. Bitcoin traders remain optimistic for Q4, following a positive period with the cryptocurrency recording its third consecutive week of gains.

Read more at Investing.com: Rebounds after a brief dip, what’s next in ‘Uptober’? By Investing.com