Bitcoin Eyes “Uptober” Rally as Altcoins Follow

Bitcoin started the week at just under $112,000 and appears to be closing September on a positive note. Ethereum and Solana are also showing cautious recoveries. Will “Uptober” bring a rally?

On Friday, the Bitcoin price curve, with levels below $110,000, demonstrated fears of further price losses – but the crypto markets turned positive over the weekend. Bitcoin is trading at just under $112,000 on Monday morning, pointing to a positive end to the month.

Ethereum (ETH) has also climbed back above the psychologically important $4,000 mark, and Solana has cleared the $200 hurdle. Looking ahead to October and the fourth quarter, experts are looking at historical data that promise upside for Bitcoin, Ethereum, Solana, and others.

“Uptober” in sight – Bitcoin mostly in positive territory in the final quarter

Bitcoin has gained an average of 30 percent in October since 2010, which is why the crypto scene calls it “Uptober.” If this dynamic repeats itself this year, Bitcoin can hope for a new all-time high as early as next month.

A further cut in the key interest rate is also expected in the US at the end of October. Last week, the labor market and inflation figures in the US were within forecasts, allowing the Federal Reserve to continue its course. Lower interest rates typically benefit Bitcoin because they increase investors’ risk appetite.

Bitcoin and Ethereum ETFs weaken – BNB on record course

On the other hand, Bitcoin and Ethereum ETFs have had a poor week. Around $900 million was withdrawn from Bitcoin ETFs, and nearly $800 million from Ethereum ETFs. These ETFs have become a kind of benchmark for the crypto markets.

However, it’s also important to consider that month-end and quarter-end events sometimes prompt investors to rebalance their portfolios. Binance Coin (BNB) has been performing strongly since breaking the magic $1,000 mark ten days ago, and the altcoin has become accustomed to four-digit prices. For XRP (Ripple), on the other hand, support at the $3 line has failed to hold, and prices around $2.85 reflect nervousness.

Conclusion: Bitcoin consolidates ahead of final quarter – altcoins in tow

The crypto markets have stabilized, and Bitcoin has been able to confirm its reputation as a reserve currency. Now, the traditionally difficult late summer seems to be over, and Bitcoin price targets of over $140,000 are once again being called for by New Year’s.

One thing is clear: major altcoins, from BNB to XRP and Solana to Ethereum, need Bitcoin as a pacesetter. In the short term, the looming budget shutdown in the US could influence the price development of Bitcoin and other cryptocurrencies, but in the medium term, the Fed’s interest rate policy is likely to be a more significant factor and could trigger Bitcoin momentum.

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(Featured image by DS stories via Pexels)

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