Crypto enthusiasts are speculating on a potential October rally for Bitcoin, historically a positive month for the asset. Analysts predict a surge could see Bitcoin reach $165,000 next month, supported by signals of another Federal Reserve rate cut. However, some caution against excessive optimism, citing low volatility and profit-taking.

BitMEX co-founder predicts a crypto “up only mode” once the US Treasury reaches $850 billion. Analysts foresee a potential market dip before a surge in October, with a target of $112,500 as a crucial level. Despite bullish expectations, some believe the Uptober trend may be less likely this year due to macro uncertainty and previous market stability in September.

Crypto markets turned red on Monday as Bitcoin and Ether experienced a dip in prices. Bitcoin fell to $114,270, while Ether dropped below $4,300. Total market capitalization decreased by $80 billion, signaling a retreat in the crypto markets. Analysts are closely monitoring price levels and market trends for potential shifts in the coming weeks.

Read more at Cointelegraph: Bitcoin ‘Uptober’ Rally Prospects Remain Despite Crypto Market Dip