Bitcoin Price Could Hit $73,000 in October: What to Expect

Bitcoin (BTC) is exhibiting potential indicators of a parabolic rally this October. A comprehensive analysis of several on-chain metrics suggests that the leading cryptocurrency could be heading towards the $73,000 threshold.

This analysis explores these metrics and outlines essential information for BTC holders.

Bitcoin Is Making Headlines

The recent surge in interest for Bitcoin Spot ETFs stands out as a significant indicator of a possible rally surpassing $70,000. In the last week, these funds have seen only inflows, accumulating a total of $1.11 billion.

For additional context, on September 26, Bitcoin Spot ETF inflows reached $366 million, marking the highest single-day inflow since July 23. According to SosoValue, that day saw substantial inflows from three major ETF providers — BlackRock, Fidelity, and Ark — with $118 million, $73 million, and $133 million respectively, showcasing robust demand from traditional US investors.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Guide

Additionally, changes in the economic landscape of the US significantly affect Bitcoin’s price. Throughout its existence, the coin’s value has been influenced by variables like interest rate fluctuations, inflation rates, employment statistics, and regulatory actions. Therefore, any uptick or decline in demand from US investors can impact BTC’s pricing, making it essential to monitor their activities closely.

Recently, both retail and institutional investors in the US have ramped up their BTC accumulation, as highlighted by the Coinbase Premium Index. In a recent post on X, Julio Moreno, Head of Research at CryptoQuant, remarked that the increasing demand for BTC in the US has driven the coin’s price close to $65,000.

If the sentiment stays positive and demand for Bitcoin in that market continues to surge, the price of Bitcoin could aim for trading above $70,000 in the coming weeks.

BTC Price Outlook: Increasing Open Interest Signals Risks

The growing open interest in Bitcoin is another strong indicator that its price rally may persist. Open interest refers to the total number of unresolved futures or options contracts. According to data from CryptoQuant, the current open interest stands at $19 billion, having increased by 26% over the past month.

Generally, an increase in an asset’s open interest signifies heightened market activity and could drive prices to new levels. However, some analysts argue that a rise in open interest poses potential risks to long-position holders.

“Open Interest is currently very high, exceeding $19.1 billion. We are entering a high-risk area, and I believe this is not an opportune moment for new long positions,” analyst JA Martuun commented in an X post.

A collective evaluation of the aforementioned on-chain data indicates a persistent bullish trend for Bitcoin. If this momentum is sustained, the price could establish support around the $64,312 level and strive to penetrate resistance at $67,929. A successful breakthrough at this resistance point will propel BTC towards a trading aim of $73,777, a level it last attained on March 14.

Read more: 7 Top Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Nonetheless, Bitcoin’s Crypto Fear & Greed Index indicators suggest that the market may be overheated. When the index shows a “Greed” status, it typically reflects an overly optimistic sentiment among holders. Historically, this scenario has indicated a potential price correction.

Should Bitcoin’s price undergo a correction, it could drop by 15%, potentially finding itself at $54,302, which would undermine the aforementioned bullish outlook.