Analyst hits Bitcoin month-end 2 months in a row – his October target is $ 63K

Bitcoin (BTC) wanted to keep $ 44,000 on Oct. 1 as the month’s close sparked a late show of strength.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

The monthly BTC deals correspond to the PlanB forecast

Cointelegraph Markets Pro and TradingView data followed BTC / USD as it first returned to the $ 44,000 mark on Thursday, then tested lower levels before going any higher.

While Bitcoin still didn’t fight the resistance at $ 45,000 and above, it didn’t disappoint with its month-end performance, which was almost exactly what stock-to-flow model developer PlanB had predicted for the second consecutive month.

With $ 63,000 now slated for October, expectations were high that Bitcoin could make up for lost ground before the fourth quarter.

“September was bad. October is great. November is great. December is great, ”wrote Michaël van de Poppe. by Cointelegraph summarizedShe urged Twitter followers to “buy the damn dip”.

Van de Poppe highlighted historic accomplishments over several months each year, which Cointelegraph did noticed earlier September referred to as the “boring” 30 days.

Others, however, were more cautious. In its latest market update, crypto trading firm QCP Capital said it will remain cautious in its approach to the overall market.

“Overall, we are struggling to find direction in the midst of the crosswinds of the macro and market. Our strategy for the fourth quarter is to remain relatively neutral and agile,” concluded the executives.

Macro factors were China’s retry of its crypto crackdown and two problems facing the United States: legislation and the potential approval of a Bitcoin Exchange Traded Fund (ETF).

On Friday, a vote on the government’s infrastructure bill, originally scheduled for Monday, was postponed again after a shutdown was averted in a separate vote later this month.

Ethereum returns to $ 3,000

Altcoins, meanwhile, experienced another 24 hours with modest to flat movements, again led by Binance Coin (BNB) with 6% daily gains.

Related: Bitcoin ‘FOMO rally’ is long overdue and could send BTC price above $ 200,000 – Bobby Lee

However, all of the top ten cryptocurrencies by market cap were in the green at the time of writing, which is a refreshing contrast to recent moves.

Ether (ETH), the largest altcoin, traded above $ 3,000 at a 3% return.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView